"No reason or desire to harm Hearts"

The following statement was released today by the Ukio Bankas administrator.

Bankruptcy administrator of failed Ūkio Bankas, which has a pledge over 29.9 per cent of shares of the Heart of Midlothian Football Club (Hearts) and other securities over the club assets, is looking for the harmless exit out of the financial turmoil of the club.

Change of the owner is the most likely scenario which the administrator would prefer to stay with.

On 7 June, 2013 the decision of the court starting the bankruptcy proceedings to Ūkio Bankas and appointing the bankruptcy administrator came into force.

UAB Valnetas, represented by Mr Gintaras Adomonis, will continue the office of Ūkio Bankas bankruptcy administrator.

"Ūkio Bankas has now to deal with lots of debts and return back the funds to its creditors," said Mr Adomonis.

"In the on-going processes we must at all times consider the best interest of the creditors of Ūkio Bankas. Heart of Midlothian Plc is one of the companies, indebted to the bank. There are several possible alternatives to deal with that case.

"Our initial assessment indicates that most likely the most extensive return for Ūkio Bankas creditors may be achieved by keeping the club operating. For now we have no reason or desire to harm Hearts so our primary initiative, having solved the regulatory and other issues, is contemplated to be sale of Hearts."

He also admitted that administration is not being discussed as a primary choice and expressed the will to co-operate with the club's management and have positive communication and co-operation of football authorities.

Hearts World