Financial statements of Joint Stock Company Reverta for the first half of 2017 show that the company has recovered EUR 14.2 M from the workout and sales of distressed assets, a EUR 7.3 M interest payment has been made to the State Treasury, and enough cash has been accrued to make the next payment.   

In the first six months of 2017 Reverta continued efforts to work out the distressed assets and to recover funds, at the same time, commencing sales of its loan portfolios and getting ready for the planned liquidation of the company.

Since 1 August 2010 till the end of Reporting Period (30 June 2017), the amount of recovered funds has increased to EUR 754.5 M. Thus, Reverta has recovered more than 67 per cent of all distressed assets left to Reverta after the takeover and split of Parex Bank. This result significantly exceeds initial estimates and also the average figures of the distressed assets sector. Reverta has already pointed out that the amount of recovered funds is the primary measure of its performance.  

The State has received from Reverta EUR 698 M in the form of various payments, EUR 434 M of which has been paid to the State Treasury.  

During the Reporting Period, Reverta also succeeded in sales of real estate properties – the total sales sum amounted to EUR 4.8 M. At the end of the Reporting Period the real estate portfolio had decreased to 37 objects, and Reverta expects to sell them by the closure of the company.  

As a result of intensive seven year work, by the end of Reporting Period Reverta’s total assets had decreased to EUR 46.2 M, as compared to EUR 1.1 B at the start of operation. Reverta has already worked out and disposed of all other assets, and the recovered funds have been repaid to the State.

On 22 June 2017, Reverta signed a loan portfolio sale agreement with Gelvora. Under the agreement, Reverta will gradually hand over to the investor 4.5 thousand credit files.

Additional information:  
Reverta started its operation as a distressed assets manager on 1 August 2010 after the split of Parex Bank. Only low quality assets with long term repayment problems were left to the company. The objective of Reverta was to recover within a reasonable period and amount the State aid granted to Parex Bank. In view of the fact that this year Reverta’s objective will be met, the liquidation process of the company has been commenced in line with the EC approved plan.

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