OREANDA-NEWS. April 21, 2014. According to the Plan 2014, in April, Joint Stock Company Reverta has transferred EUR 12.6m to the State Treasury in repayment of the principal amount of State Aid.

In addition to that, a regular interest payment in the amount of EUR 5.7m has been made in February. Thus, a total of EUR 18.3m has been paid to the Treasury this year.

These funds have been mostly recovered from the restructured loans and a successful realisation of the real estate portfolio.

“We expect to be able to make the next payment in the amount of EUR 5.5m in accordance with the Agreement, i.e. in May,” says the Chairperson of Reverta Solvita Deglava.

“At the moment, the most complex assets have remained in our portfolio. Mostly these are cases where the borrowers’ prime target is to avoid repayment of their loans by way of counteractions. All available unlawful and lawful means (including inconsistencies of regulatory enactments and the slow pace of court proceedings) are used to delay repayment. For example, the proceedings against Delfins partneri and the associated persons for recovery of the loan of EUR 45m last already since 2010 and cause considerable loss to the State,” says Solvita Deglava. 

Currently, Reverta has realised approximately half (the better half) of the distressed assets portfolio. Overall, since 01 August 2010 to 04 April 2014, Reverta has paid EUR 176.2m to the Treasury and has repaid the state guaranteed syndicated loan in the amount of EUR 234m together with interest of EUR 10.6m. 

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The main competencies of the JSC Reverta are loan restructuring, debt recovery and real estate management. Since 01 August 2010 to 28 February 2014, Reverta has recovered more than EUR 524m from the development and sales of distressed assets.

To learn more about Reverta, please visit the Company’s web page: www.reverta.lv.