ENP Newswire -
Release date- 27022014 - After obtaining agreement from the Creditors' Committee, the Bankruptcy Administrator of Snoras bank,
Once potential investors have undertaken further detailed due diligence on the loan portfolio, the bidders selected to participate in the second phase will provide binding offers. In the first phase, over 100 parties expressed interest in the Snoras loan portfolio.
'The loan portfolio has been met with considerable interest by international investment and commercial banks, private equity and other funds, local and regional banks, and distressed debt specialists. The initial assessment of bids received has shown that now seems to be the right time to sell this important asset of the bank. The portfolio itself has already been brought under control and is divided into distinct segments, which enables potential buyers to bid only for areas of interest to them or to collaborate with other investors,'
The gross book value of the portfolio of loans being offered is over
'The initial offers of the potential buyers cover both the whole loan portfolio and its individual parts. To achieve the best total price for the loans offered for sale, the portfolio has been divided into six sub-groups, each of which may attract the interest of specialised buyers, and which include both active and terminated loans to retail and corporate clients,' Snoras Bankruptcy Administrator said.
AB Bank SNORAS
7 A.Vivulskio Str. LT-03221
Phone: + 370 5 239 2239
Fax: + 370 5 232 7300
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