Reverta Кepays to State Treasury
The amount of funds repaid to the State Treasury to a great extent depends on the completion terms of large deals; and in the first half of this year Reverta’s work was marked by the conclusion of deals of noteworthy scope in Latvia, Russia, Lithuania, and Estonia. Also proceeds from the sale of real estate properties have increased during H1 2016 – the total amount was EUR 12.9 m, which is by EUR 7.2 m more than the previous year. The reason for this was the reconstruction, lease and subsequent sale of the airBaltic headquarters for the total amount of EUR 6.2 m. The sales figures also benefited from the regular revision of property prices.
Since 1 August 2010, the state has received from Reverta more than EUR 641 m in the form of various payments, of which EUR 397 m was paid directly to the Treasury. In addition to that, Reverta has in due time disbursed term deposits, interest on subordinated capital and other big volume payments.
Joint-stock company Reverta is one of the largest distressed asset managers in the Baltic countries. Since 1 August 2010 Reverta has recovered more than EUR 704.3 m from the restructuring and sales of distressed assets.
In order to implement the EC approved Restructuring Plan which envisages completion of the workout of Reverta’s portfolio and closing of all operations by the end of 2017, Reverta has signed an agreement with KMPG Baltics for receiving expert’s advice on the sales process of its loan and real estate portfolios.