In line with the agreement signed on May 17, 2013, the transaction, including full repayment of loans to Snoras, was worth 74 million litas (EUR 21.45 mln), Snoras said in a press release.
“We are pleased to announce that we have sold Snoro Lizingas to a reliable investor group, which shall ensure continuing success of the company. This sale represents a good outcome for the creditors of Snoras,” the press release quoted Snoras bankruptcy administrator, Neil Cooper, as saying.
Snoro Lizingas was acquired by LHV and RAZFin, a limited partnership established by the Rakauskas family and Zabolis Partners. According to earlier reports, LHV was to acquire 50 percent plus one share in the consumer finance company and to provide loans to finance its operations.
The balance of loans extended to Snoro Lizingas by Snoras totaled 66.341 million litas at the end of last year.
The unaudited net earnings of Snoro Lizingas last year soared by 35 times, to 4.3 million litas, from 124,000 litas in 2011. The company’s consumer loan portfolio totaled 18.3 million litas at the end of 2012, and the leasing portfolio amounted to 37 million litas.
