JSC Reverta will be making subordinated capital and interest payments only after a full repayment of the State Aid

JSC Reverta informs that in line with the amendments to the Law on Control of Aid for Commercial Activity that have become effective on 1st July 2014, JSC Reverta will be allowed to repay sub-debts – the principal amount and interest, only after a full repayment of the State Aid.

"In our opinion, this is a rational decision that will allow the State to be the first to recover its money invested in saving of Parex banka. The adopted amendments will allow the State to save EUR 4.4m of interest a year, as well as postpone repayment of subordinated obligations in the amount of EUR 75m," said Solvita Deglava, Chairperson of the Management Board of JSC Reverta.

The law amendments have established the following – if a company that has encountered financial difficulties received aid in accordance with the laws applicable to commercial activity aid, the company is prohibited, as of the time the commercial activity aid is granted until the termination of the grant of the aid, in the light of what has been determined in the European Commission decision or the national legal act on granting the aid, and notwithstanding the company’s existing legal obligations, from fulfilling subordinated obligations (including from repaying the loan, calculating, accumulating, or paying interest or any other remuneration on such loan) notwithstanding the time when such subordinated obligations were established.


For additional information:
Reverta is a distressed assets manager, the main competencies of which are loan restructuring, debt recovery and real estate management.
As of today, the Privatisation Agency of Latvia holds 84.15% of Reverta’s shares, the European Bank for Reconstruction and Development – 12.74% of shares, and the rest – 3.11% of shares belong to other shareholders.

To learn more about Reverta, please visit the corporate web-page of the Company: www.reverta.lv.

For more information, contact:
Marita Ozoliņa
Head of Communication and Marketing Department
Tel.: 67779142 or 29287169