Teksts
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In February 2016,
joint-stock company Reverta repaid EUR 4.5 m to the State
Treasury. This was interest calculated on the State aid to
Parex Banka.
Since 1 August 2010, the State has received from Reverta a total of
EUR 610.8 m in the form of various payments, of which EUR 366.6 m
was paid directly to the Treasury.
As more than once noted before, the amount of funds repaid to the
State Treasury considerably depends on completion terms of several
large deals in the process of development. As a result of the
increasing caution exercised by investors, the process of finding
buyers for the large real estate properties has become much more
difficult and time consuming than before, and therefore Reverta’s
performance is still being affected by the unstable and
unpredictable cash flow. Nevertheless, notwithstanding the
unfavourable situation, last year Reverta repaid EUR 53 m to the
State Treasury.
In line with the Restructuring Plan, which envisages termination of
Reverta’s operation by the end of 2017, a continuous work on loan
restructuring is going on, and by the end of 2015 the total amount
of Reverta’s assets was EUR 144.6 m, as compared to EUR 220.3 m on
31 December 2014.
For additional information:
Joint-stock company Reverta is one of the largest distressed asset
managers in the Baltic countries. Since 1 August 2010 Reverta has
recovered more than EUR 666.2 m from the restructuring and sales of
distressed assets.
Following a request by the Latvian Privatisation Agency, KPMG
Baltics is currently analysing the situation in the distressed
asset market in order to provide recommendations on future disposal
strategy of Reverta, including potential sales strategies along
with a justified opinion on whether there are grounds to reconsider
the currently approved sales strategy.
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
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