Reverta Pays EUR 27,1m to State Treasury
OREANDA-NEWS. December 10, 2013. During the reporting period, Reverta has paid EUR 27.1m over to the State Treasury, of which EUR 19.1m was interest on the State Aid. Shortly after the end of the reporting period EUR 30.2m more was paid to the Treasury thus getting ahead of the plan of 2013 by EUR 11.8m.
Overall, since 01 August 2010 to the end of the reporting period, Reverta has repaid a total of EUR 157.8m to the Treasury, the State guaranteed syndicated loan in the amount of EUR 234m, with additional EUR 10.6m interest on the syndicated loan.
„Thanks to professionalism of our specialists and their ability to work in such complex situation, we were able to start repayment of the State Aid a year earlier than envisaged by the Restructuring Plan. The stabilising economic situation has also had its positive impact. All this has allowed receipts from disposal of real estate properties to reach EUR 20.9m by 30 September 2013, as compared to EUR 5.3m in the same period last year,” explains Reverta’s Chairman of the Management Board Christopher Gwilliam.
Reverta’s Chairman of the Management Board explains that overall development of distressed assets asks for more and more specific skills and knowledge to be employed, because the less complex assets of Reverta’s portfolio have already been realised into cash whereas the remaining assets are tied up in insolvency process with demanding legal complications.
The real estate portfolio with more than 1000 properties in Latvia and Lithuania is a considerable portion of Reverta’s total assets. Trends of the previous reporting period continued, and again an increasing proportion of total recoveries were earnings from disposal of these real estate properties.