In August 2013, Joint Stock Company “Reverta”, following the terms of the approved Restructuring Plan, repaid EUR 14.1m to the Treasury. A considerable proportion of this sum, EUR 6.1m, was paid as interest on the State Aid to “Parex banka”, whereas EUR 8m was paid to cover the principal debt.
Overall, since 01 August 2010, „Reverta” has transferred EUR127.6m to the State Treasury, has repaid the State guaranteed syndicated loan in the amount of EUR 234m, and has paid a EUR 10.6m interest on the above loan.
Like in previous periods, most of the funds necessary to repay the State Aid were recovered from restructured loans. Because of growing activities in the real estate market, an increasing proportion of revenue is made from disposal of real estate portfolio objects.
„It is too early to speak of a rapid or total recovery of Latvia’s economy, but there are some signs of positive tendencies that we observe in our work: with micro- and macro-economics improving slowly, our earnings from sales of real estate properties are growing considerably. The attitude of borrowers is also starting to change gradually – some of them have understood that it is of more benefit to co-operate and look for mutually acceptable solutions, avoiding any additional financial and reputation losses that way. But there are others who, unfortunately, continue active counteractions by all legal and illegal means, thus wasting their own and our resources uselessly,” said Christopher Gwilliam, Chairman of the Management Board of “Reverta”.
For additional information:
JSC “Reverta” is the largest distressed assets manager in Baltic countries. The main competencies of the Company are loan restructuring, debt recovery and real estate management. Since 01 August 2010, “Reverta” has recovered more than EUR 450m from development and sales of distressed assets.
To learn more about Reverta, please visit the Company’s web page: www.reverta.lv.
For more information contact:
Marita Ozoliņa
Head of Communication and Marketing Department
Tel.: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv