Provided legal advice in SNORAS and Ūkio bankas bankruptcy procedures

Provided legal advice in SNORAS and Ūkio bankas bankruptcy procedures

Provided legal advice to bankruptcy administrator UAB Valnetas in bankruptcy administration procedures of AB bankas SNORAS and AB Ūkio bankas.

 

For UAB Valnetas, a bankruptcy administrator, in bankruptcy administration procedures of AB bankas SNORAS, TGS Baltic has coordinated debt recovery from debtors in Russia, advised on the sale of Russian debtors’ loan portfolio with the total accounting value of EUR 139.8 million. Coordinated the liquidation of more than 10 subsidiaries and branches of BAB bankas SNORAS in Lithuania, Estonia, Russia, and Hong Kong, ensuring the repayment of funds to BAB bankas SNORAS.

Also, TGS Baltic provided legal advice to UAB Valnetas regarding AB Ūkio bankas bankruptcy procedures. Advised on day-to-day activities, coordinated processes of asset recovery and liquidation of representative offices and subsidiaries of the bankrupt bank in Lithuania and abroad. Provided legal services related to the protection of assets pledged or mortgaged in Russia for the benefit of BAB Ūkio bankas, contesting of transactions aimed at siphoning off assets; organized bankruptcy proceedings against debtor OAO Russkij karavaj and the sale of claim right held by BAB Ūkio bankas.