TGS Baltic team were the legal advisor to the bankruptcy administrator Valnetas of bank Snoras.
TGS Baltic worked on the matters valued over EUR 1.4 billion, such as advising the bank on the conclusion of the agreement with UAB Baltijos kredito sprendimai on the sale of Snoras loan portfolio. The lawyers advised the bank on the sale procedures of various problematical loan agreements, advised the bankruptcy administrator and led the litigation team in the dispute with the former shareholders in Lithuania on the compensation of the damages caused to the Bank. The consulting also included preparation of the litigation against one of the banks in Switzerland, coordination of the process and preparation of the claim, advising the bankruptcy administrator regarding the liquidation and bankruptcy procedures of the subsidiaries of the bank, etc.
TGS Baltic as the main legal advisor coordinated litigation and enforcement issues in various jurisdictions in the complex cross border matters which included prosecution under criminal law and claims under civil law.
TGS Baltic team – Partners Vidmantas Drizga, Daiva Ušinskaitė-Filonovienė and Marius Matonis, Associate Partners Odeta Tručinskaitė-Šiušienė, Aurimas Pauliukevičius and Ieva Dosinaitė, Senior Associates Ramūnas Švenčionis, Tomas Bairašauskas and Marius Matiukas, Associate Donatas Šliora – were advisors to AB bankas Snoras and bankruptcy administrator Valnetas in this process on all related legal issues.
AB bankas Snoras was a commercial bank, founded in Lithuania and operating in all the three Baltic States. It was a member of the financial group Konversbank and was listed on the NASDAQ OMX Vilnius stock exchange. It was recognized as the best bank in Lithuania in 2006 by financial publisher The Banker. In 2009, the bank’s total assets amounted to LTL 9,032 million.
