Teksts
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In the first nine months of 2016 joint-stock company Reverta
recovered EUR 54.3 m through the restructuring and sales of
distressed assets, as compared to EUR 34.6 m at the same period
last year. State Treasury received EUR 42.7 m, which is twice as
much as during the same period in 2015.
„The better than expected outcome can be explained by the
completion of several large and complex deals in Latvia and abroad.
We have been fighting hard for the completion of these projects
already since 2010 and have encountered both counteractions by
clients and slowness and deficiencies of the Latvian judicial
system. Consequently, I can say that in 2016 we are gathering fruit
of many years of hard work,” stresses Solvita Deglava, Chairperson
of the Management Board of Reverta.
Between 1 August 2010 and 30 September 2016, Reverta has recovered
EUR 720.4 m from the restructuring of distressed loans, sales of
bonds, and disposal of real estate properties, of which EUR 409.3 m
was direct payments to the State Treasury. In addition to that,
Reverta has disbursed term deposits, interest on subordinated
capital and other big volume payments. Overall, in the form of
various payments the State has received from Reverta EUR 653.3
m.
Reverta’s losses in the first nine months of this year were in the
amount of EUR 26.8 m, as compared to EUR 32.6 m at the same period
last year. As before, the loss comprises provisions for the
impairment in distressed asset value and large interest payments to
the State Treasury on the State aid provided for Parex Banka.
During the nine months of 2016 Reverta’s interest payments to the
Treasury amounted to EUR 12.7 m.
On 30 September 2016 Reverta’s total assets were EUR 91.1 m.
For additional information:
Reverta is a distressed assets manager, the main competencies of
which are loan restructuring, debt recovery and real estate
management.
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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