OREANDA-NEWS. November 20, 2013. Since August 1, 2010, Reverta has repaid EUR 157,8 million to the State Treasury, repaid the state-guaranteed syndicated loan of EUR 234 million, and paid EUR 10,6 million in interest in relation to the syndicated loan.

Reverta Chairman of the Management Board Christopher Gwilliam: “For the most part the recoveries come from the restructured loans that were issued in the past by the Parex Bank. However, because of economic changes, there is a need for our specialists in Reverta to use ever more specific skills and experience in dealing with cases in Latvia and abroad. We can say that it is clear that many of these cases are very complicated. Nevertheless, we have always demonstrated positive trends in our work, and we are satisfied that, due to the high level of professionalism and experience of our employees in this specific industry, we have been able to achieve these substantial results and to repay more funds to the State Treasury during the period than envisaged in Restructuring plan.”

Reverta’s debt portfolio is split between the Baltic States and CIS countries (mostly Russia), although 60% of debts are recovered in Latvia. Significant part of Reverta’s assets comprise real estate portfolio, which includes more than 1,000 properties in Latvia and Lithuania.

Additional information:

AS Reverta is the largest manager of distressed assets in the Baltic States. Between August 1, 2010, and June 30, 2013, Reverta recovered more than EUR 460 million from work-out and sales of distressed assets.