In February 2017, joint-stock company Reverta has made another regular interest payment to the State Treasury in the amount of EUR 3.7 m. Since 1 August 2010 Reverta has repaid the State Treasury EUR 430.1 m but the total of various payments to the State amount to EUR 690.3 m, including EUR 16 m in the form of tax payments.
By the end of 2016 Reverta had recovered EUR 740.3 m which is 66 % of all distressed assets received from Parex Bank, thus exceeding the initial estimates of Reverta’s management.
Currently there are only assets undergoing complicated and time consuming workout process left in Reverta’s loan portfolio. Other assets have been already disposed of and the recovered funds have been repaid to the State. In order to wind up economic activities of the company by the end of 2017, Reverta is looking for an investor to buy its remaining assets. Alongside the portfolio sales process, Reverta will continue workout of the portfolios until the closing of their sale.
For additional information:
In order to implement the EC approved Restructuring Plan which envisages completion of the workout of Reverta’s portfolio and closing of all operations by the end of 2017, Reverta has signed an agreement with KMPG Baltics for receiving expert’s advice on the sales process of Reverta’s loan portfolios.
Of 65 contacted potential investors 15 signed confidentiality agreements and in November 2016 received access to the virtual data room. Upon examination of the provided data, in December 2016 seven potential investors submitted their non-binding offers. In line with the recommendation of the consultant KMPG Baltics, four best tenderers were invited to participate in a more thorough examination of Reverta’s loan portfolio.
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