Snoras expects to recover around 180 million litas from the Cayman Islands and Cyprus for its creditors, the bank's bankruptcy administrator said in his latest report to creditors.
The report does not give any more information about investments in Cayman funds and talks with Cypriot companies. Nor does it inform the bank's creditors about earlier-announced negotiations on the redemption of investments held by the British Virgin Islands' funds.
Vitas Vasiliauskas, the Lithuanian central bank's governor, said in early 2012 that Snoras had transferred 553 million litas (EUR 160.3m) of loans to structures established in the offshore jurisdictions of the Cayman Islands and the British Virgin Islands.
Bankruptcy proceedings against Snoras were opened on December 7, 2011. The bank, which was owned by Russian businessman Vladimir Antonov and Lithuanian banker Raimondas Baranauskas, is currently being liquidated.
According to the report, Snoras bankruptcy administration has cost around 230 million litas (EUR 67m) so far, with nearly half of the money spent on professional fees.
Total payments during the bankruptcy administration period, from December 2011 to late March 2013, amounted to 227.726 million litas, of which 111.578 million litas went toward professional fees and disbursements, Snoras said in its latest report to creditors.
Operating expenses totaled 67.071 million litas. Payments to former employees amounted to 9.269 million litas, and other payments, to 39.808 million litas.
In the first quarter of this year alone, Snoras' payments totaled 22.805 million litas, including 14.695 million litas in professional fees and 7.109 million litas in operating expenses.
Snoras' total cash receipts in the first quarter amounted to 165.014 million litas, including 88.527 million litas in loan servicing payments and 69.011 million litas in recovered financial assets. This brings total cash receipts during the bankruptcy period to 1.52 billion litas.
The estimated realizable value of Snoras' assets stood at 3.114 billion litas in late March, down 20.4 percent compared with December 7, 2011, when bankruptcy proceedings were launched.
