Lithuania's Ukio Bankas' bankruptcy left unaltered by appeals court

By Caroline Salls

Pittsburgh, June 12 - Ukio Bankas AB's bankruptcy proceedings were left unaltered in a July 7 ruling by the Court of Appeal of Lithuania, according to a company news release.

Kaunas Regional Court originally started the bankruptcy proceedings on May 2 as part of a civil case.

As a result of the appeals court ruling, the company said the "decision to start the bankruptcy proceedings has come into force."

UAB Valnetas has been nominated as Ukio Bankas' bankruptcy administrator.

The bank is based in Kaunas, Lithuania.

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