JSC Reverta has made another regular payment to the State Treasury in the amount of EUR 5.5 m

Joint-Stock Company Reverta has made another regular payment to the State Treasury in the amount of EUR 5.5 m, thus in first six months of 2016 Reverta has paid the Treasury a total of EUR 30.1 m – thrice as much as in the same period last year.

„Notwithstanding the fact that top distressed assets have been already disposed of in the previous six years of Reverta’s operation, performance results of June have been excellent as demonstrated by the recovery of EUR 9.5 m from the workout of loan portfolio”, points out Solvita Deglava, Chairperson of the Management Board.  

„The funds were recovered from several complex deals concluded in Latvia, Russia, Lithuania, and Estonia after a many year struggle to overcome the energetic counteractions by clients. Their opposition manifested itself both in the form of legal challenge and, in certain cases, also as open threat”, says Solvita Deglava.        

One of the deals was the conclusion of a large and complex project that had spanned eight years and finally has resulted in the takeover of a real estate property – a commercial space of approximately 1000 sq. m at the prestigious Frunzenskaja Naberezhnaya, Moscow, Russia. Another achievement was the conclusion of the largest and most complex loan project in Lithuania – on 29 June 2016 Reverta received the remaining EUR 550 k of the total EUR 10.6 m for the concluded assignment deal.     

Overall, since 1 August 2010 till 31 May 2016 Reverta has recovered EUR 695.8 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 and sales.
According to the EC approved Restructuring Plan for Parex Bank, Reverta has to complete the workout of its portfolio and close all operations by the end of 2017.
Reverta has commenced selection of an Advisor to ensure sales process of its loan and real estate portfolios. Regulations for Selecting an Advisor are available upon request via e-mail – please apply to tenderRH@pa.gov.lv indicating the company name and registration number of the Applicant. Applications will be accepted by 15:00 on 14 July 2016 at the latest.

For more information contact:
Marita Ozoliņa
Head of Communication and Marketing Department
Tel.: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv