Joint stock company Reverta, in liquidation, has made a final interest payment in the amount of EUR 1.9 m – EUR 540 k has been paid to the State Treasury and EUR 1.4 m has been transferred to the newly established daughter company of the state holding company Latvian Privatisation Agency – limited liability company REAP. According to the Cabinet decision, REAP is the manager of Reverta’s remaining claims and assets.
During 2017 Reverta made interest payments in the amount of EUR 19.8 m. Since 2010, the State Treasury has received EUR 446.2 m, of which EUR 250.4 m were used to repay the debt principal and EUR 195.8 m were interest. Overall, the State has received from Reverta more than EUR 700 m in the form of various payments.
The total amount of funds recovered during Reverta’s operation has reached EUR 765 m or 70 per cent of all distressed assets left to Reverta.
“As planned, by the end of 2017 we have successfully completed the transfer of Reverta’s remaining claims and real estate to REAP, and thus the actual activities of Reverta have ended,” says Ruta Amtmane, Liquidator of Reverta.
“Currently work on completion of the liquidation process of local and foreign subsidiaries is under way, several important court proceedings are still pending, and we still receive creditors’ claims which Reverta has already rejected as unfounded,” explains Ruta Amtmane.
Complete liquidation of Reverta will be possible after the settlement of several court proceedings and administrative issues.
Reverta started its operation as a distressed assets manager on 1 August 2010 after the split of Parex Bank. Only low quality assets with long term repayment problems were left to the company. The objective of Reverta was to recover within a reasonable period and amount the State aid granted to Parex Bank.