Joint Stock Company Reverta, the core business of which since 1st August 2010 has been recovery of the State Aid to Parex banka, has made another payment to the Treasury ahead of schedule. The payment in the amount of EUR25,5m was made on  12th November 2012. Of that sum, EUR18,1m was paid to discharge government bonds, and EUR7,4m was interest payment. Overall, since 1st August 2010, Reverta has repaid to the Treasury EUR333m, which also included repayment of the State guaranteed syndicated loan in the amount of EUR244m. Reverta plans to repay approximately EUR11m more by the end of this year. 
 

 „Mostly, these large sums necessary to repay the State Aid have been recovered thanks to well-considered loan restructurings and successful sales of certain claim rights. Nevertheless, despite the signs of economic improvement as generally witnessed by the growth of GDP and improved international debt ratings, the distressed assets market sector, with which we are dealing, suffers from fragility and uncertainty. Our achievements are also affected by the many imperfections in the existing legal system, and therefore we still have to view the future very cautiously. But, in spite of the difficult situation, it is our goal to increase the value of Reverta’s assets in the most optimum amount and to make maximum profit from their sales – so far we’ve been able to prove that we are capable of doing this,” stressed Chairman of the Management Board of Reverta Christopher Gwilliam.
 

According to the Plan, repayment of the State Aid principal amount was due in the second half of 2012, but Reverta made its first payment in the amount of EUR 7,8m already at the end of 2011.  At the same time, the first interest payment in the amount of EUR 2,1m was made, thus getting significantly ahead of the interest repayment schedule as envisaged by the Restructuring Plan.

For further reference: 
Joint Stock Company Reverta is the leading manager of distressed assets in Baltic countries. The main competencies of Reverta are loan restructuring, debt recovery and real estate management. EUR413m has been recovered from development and sales of distressed assets in the time period from 01 August 2010 till 31 October  2012. 
 

To learn more about Reverta visit our company’s web page: www.reverta.lv


For additional infomation:
Marita Ozolina
Head of Communications and Marketing Department
Phone: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv