This May joint stock company Reverta has made another payment to the State Treasury in the amount of EUR 20.1 m. Thus, in 2016 Reverta has paid the Treasury a total of EUR 24.6 m, which is by EUR 15 m more than during the same period last year. As reported before, a payment of EUR 4.5 m was made in February 2016.
Overall, the state has received from Reverta more than EUR 635 m in the form of various payments, of which EUR 391.2 m was paid directly to the Treasury. In addition to that, Reverta has in due time disbursed term deposits, interest on subordinated capital and other big volume payments. In view of the substantial impact made by changes in the economic situation, the unstable geopolitical circumstances, as well as the low quality of assets received from the previous shareholders of Parex Bank, Reverta’s specialists have achieved the most optimum results in the five years of their operation.
In accordance to the Restructuring Plan for Parex Bank approved by the European Commission, Reverta’s operation has to end by the conclusion of 2017. By that term Reverta has to complete the workout of its portfolio and discontinue all operations. At the moment, there are only the most complex and time-consuming workout assets left in Reverta’s portfolio; all other relatively less distressed assets have been already restructured and disposed of in the previous five years of Reverta’s operation. One recently and successfully concluded key project was the reconstruction, lease and subsequent sale of the Air Baltic headquaters for the total amount of EUR 6.19 m.
Overall, Reverta has recovered more than EUR 680 m from the restructuring of distressed loans, sales of bonds, and disposal of real estate properties.
Additional information:
The activities of Reverta are focused in three main directions: loan restructuring, legal recovery, and real estate management. The experience of our professional team and its knowledge in the areas of corporate finance, asset management, legal and security issues facilitates the rehabilitation of distressed assets and an increase of their value.
To learn more about Reverta, please visit our 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