OREANDA-NEWS. March 18, 2014. Following approval by the Creditors' Committee of Snoras bank of the initiation of a process to select a new Bankruptcy Administrator, a tender process has been launched. There will be four stages of the process.

The first stage invites applicants to confirm their willingness to participate in the tender process, prove their experience, declare that they have no conflicting interests, and sign a Non-Disclosure Agreement to be allowed to access further information to enable them to properly formulate their proposals. The second stage shall invite those applicants who meet the criteria to submit their specific tenders for assuming management of Snoras bankruptcy procedures.

Then,  a shortlist of candidate Bankruptcy Administrators shall be provided to the Creditors' Committee of Snoras who will finalise the selection of one candidate to be nominated to the Court. As soon as the candidate to become the new Bankruptcy Administrator of Snoras is approved by the court that is hearing the bankruptcy case of the bank, he or she will replace the retiring Neil Cooper. He has been managing the bankruptcy procedures of the international Snoras group for over two years.

"The Bankruptcy of Snoras is the first bankruptcy of a bank of such scale and complexity in Lithuania. It is the bankruptcy of an international finance group, assets of which are being recovered in 19 different states worldwide and with creditors' claims received from 53 jurisdictions. We have also identified a wide network of transactions and bank transfers used by the former key shareholders with the aim of diverting funds from the bank and have taken steps aimed at recovering hundreds of millions Litas from this network for the benefit of creditors of the bank.

The importance of the situation to the Republic of Lithuania, its wider public interest and the interests of its citizens in parallel legal processes cannot be forgotten. Close cooperation with public and law enforcement institutions on the above and other issues relating to the bankruptcy process of Snoras fall on the bankruptcy administration team. Current and upcoming international legal processes are setting precedents for the future and may affect Lithuania for many years ahead", says Neil Cooper, Bankruptcy Administrator of Snoras.

The new Snoras Bankruptcy Administrator selection procedures follow the Bank's approved procurement requirements and the Creditors' Committee of Snoras approved initiation of the process in February 2014. Neil Cooper shall continue to hold the position of Bankruptcy Administrator until a new Bankruptcy Administrator is selected by the Creditors' Committee and approved by the Court.