Reverta paid the State Treasury another 8.5 million euros in addition to 4.1 million euros paid in August
OREANDA-NEWS. Today, on 29 September 2016, joint-stock company Reverta paid the State Treasury another 8.5 million euros in addition to 4.1 million euros paid in August. Overall, during 2016 Reverta has repaid to the Treasury 42.7 million euros which is more than twice the figures for last year.
“This year we are enjoying fruits of our sustained labour as several large and very complex projects in Russia and the Baltic countries, development of which required six years of hard work, have come to a close,” says Solvita Deglava, Chairperson of the Management Board of Reverta.
Overall, since 1 August 2010 the state has received from Reverta more than EUR 653 m in the form of various payments, of which EUR 409.3 m was paid directly to the State Treasury. In addition to that, Reverta has in due time disbursed term deposits, interest on subordinated capital and other big volume payments.
“According to the Restructuring Plan approved by the Cabinet of Ministers, Reverta’s operations have to be discontinued by the end of 2017, and therefore we are intensively working on recovery of the residual assets and sales of real estate properties,” says Solvita Deglava.
As reported before, following the recommendation of a selection board Reverta has signed an agreement with KPMG Baltics for receiving expert’s advice on the sales process of its loan and real estate portfolios. In order to continue the work that already has been done and to maximise proceeds from already commenced workout processes, the workout of separate portfolio items will be carried on until the final sale of the remaining portfolio.