Teksts
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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
E-mail: marita.ozolina@reverta.lv
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