Banks, Financial Services, Legislation, Lithuania

The evaluators asked to extend the deadline as the project was large-scale and technically complicated. Therefore, not every hindrance was foreseen.

Gintaras Adomonis, Bankruptcy Administrator of Ukio Bankas, said that the process has dragged on for too long. However, the deadline was moved in order to ensure the evaluation quality and the best interests of Ukio Bankas creditors. He also added that this was the last time the date was altered.

At first KPMG Baltics had to submit the asset evaluation report by August 2 but the deadline was moved to late August and now to late September.

Once the evaluation report is submitted, Ukio Bankas asset and liability transfer to Siauliu Bankas will be officially completed.

In order to secure the interests of Ukio Bankas creditors, Ukio Bankas has a right to sell non-banking assets in the market at a higher price than they are transferred to Siauliu Bankas according to the value determined by the evaluators.