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Snoras Says Bankrupt Lender’s Loan Book Now Worth 48% of Face

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Nov. 28 (Bloomberg) -- Bankas Snoras AB, the Lithuanian lender declared bankrupt a year ago, said its administrator values outstanding loans at 48 percent of their face amount.

The bank’s gross loan book value was 3.4 billion litai ($1.3 billion) on Nov. 1, including more than 1 billion litai lent to related parties, the insolvent Vilnius-based bank said on its website today. The estimated net value of the loan portfolio after impairment was 1.6 billion litai, it said.

Courts had approved 6.2 billion litai of creditor claims against Snoras as of June 26, bankruptcy administrator Neil Cooper said in a report this month. Once Lithuania’s third-biggest lender by deposits, Snoras is suing its former owners Vladimir Antonov and Raimondas Baranauskas in London for 492 million euros ($634 million) on claims they forged documents and fixed accounts to siphon money out of the bank. Both men deny the claims and are fighting them.

As of Oct. 31, Snoras had recovered 1.3 billion litai of cash for creditors by collecting loan payments and selling assets, the bank said today.

To contact the reporter on this story: Bryan Bradley in Vilnius at bbradley13@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net