Teksts
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Despite complexity of the assets under the management of Reverta,
the company has shown a positive trend during the first nine months
of the year and has sold several significant properties and repaid
a total of EUR 27.1m to the State Treasury. Nevertheless, at
the end of the reporting period, Reverta is still forced to fight
for recovery of especially difficult debts abroad, against
deficiencies of court system and has to face other challenges
affecting the amount of funds recovered.
During the reporting period, Reverta has paid EUR 27.1m over to the
State Treasury, of which EUR 19.1m was interest on the State Aid.
Shortly after the end of the reporting period EUR 30.2m more was
paid to the Treasury thus getting ahead of the plan of 2013 by EUR
11.8m. Overall, since 01 August 2010 to the end of the
reporting period, Reverta has repaid a total of EUR 157.8m to the
Treasury, the State guaranteed syndicated loan in the amount of EUR
234m, with additional EUR 10.6m interest on the syndicated
loan.
„Thanks to professionalism of our specialists and their ability to
work in such complex situation, we were able to start repayment of
the State Aid a year earlier than envisaged by the Restructuring
Plan. The stabilising economic situation has also had its positive
impact. All this has allowed receipts from disposal of real
estate properties to reach EUR 20.9m by 30 September 2013, as
compared to EUR 5.3m in the same period last year,” explains
Reverta’s Chairman of the Management Board Christopher
Gwilliam.
Reverta’s Chairman of the Management Board explains that overall
development of distressed assets asks for more and more specific
skills and knowledge to be employed, because the less complex
assets of Reverta’s portfolio have already been realised into cash
whereas the remaining assets are tied up in insolvency process with
demanding legal complications.
The real estate portfolio with more than 1000 properties in Latvia
and Lithuania is a considerable portion of Reverta’s total
assets. Trends of the previous reporting period continued,
and again an increasing proportion of total recoveries were
earnings from disposal of these real estate properties.
Additional information:
AS Reverta is the largest manager of toxic assets in the Baltic
States. Between August 1, 2010, and September 30, 2013,
Reverta recovered more than EUR 483 million in the handling
and sale of such assets.
To learn more about JSC Reverta, please visit our company web page
www.reverta.lv.
For additional information contact:
Marita Ozoliņa
Head of Communication and Marketing Department
Tel. 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv
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