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TGS Baltic advised collapsed commercial bank Snoras on the conclusion of the agreement with UAB Baltijos kredito sprendimai on the sale of Snoras loan portfolio. The acquisition of the loan portfolio will be financed by an international investor consortium led by private funds registered in Luxembourg and investment bank Deutsche Bank AG.
The minimal cost of the total portfolio, which consists of 25,000 loans given by the bank, was set at EUR 169.7 million by Snoras creditors’ committee.
“It was one of the biggest and most complex transactions in the banking sector,” Marius Matonis, a Partner of TGS Baltic, who advised the client, said.
TGS Baltic, in close collaboration with the bank team and audit firm Deloitte Lietuva, provided all legal services throughout the process, advised the client on implementation of the transaction, including the preparation of the loan portfolio, structuring of the transfer, and drafted all necessary transaction documentation relevant to the completion of the project.
Bank Snoras was a commercial bank founded in Lithuania and operating in all the three Baltic States. The Lithuanian Government suspended Snoras’ activities on 16 November 2011. A court opened bankruptcy proceedings against the bank on 7 December 2011.
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