Today, on 22 June 2017, Joint Stock Company Reverta has signed a loan portfolio sale agreement with Gelvora. In line with usual procedures and terms of the agreement, the transaction will enter into force after obtaining the consent of supervisory authorities.
Under the transaction, Reverta will gradually hand over to the investor 4.5 thousand credit files. This process will involve both parties of the deal, and it is expected that the completion of the work will take approximately three months.
According to the terms of the agreement, the amount of the transaction is restricted information.
T
he investor Gelvora is an international company which is part of a Swedish financial holding Marginalen AB. Scandinavian business traditions and longstanding experience gained on financial and loan recovery markets have placed Gelvora among Latvia’s TOP companies of similar profile.
The decision of the Management Board and Supervisory Board of Reverta regarding the selection of the potential investor was made based on such criteria as industry standards and a transparent sales process organised in line with the accepted practice in the world, as well as evaluation of the received best binding bids to identify risks related to financial issues and the structure of the transaction, as well as legal risks arising from the agreements. Reverta also evaluated good reputation and trustworthiness of the potential investor.
As a result of intensive work of almost seven years, Reverta has recovered EUR 754 m which is 67 % of all distressed assets that were allocated to Reverta after the takeover and split of Parex Bank. Currently, only most distressed assets with a long history of repayment and liquidity problems remain in Reverta’s portfolio – average number of delayed payment days under these loans exceeds 2500 days.
Additional information:
Reverta’s main competencies are loan restructuring, debt recovery and real estate management. According to the Restructuring Plan approved for Parex Bank by the European Commission, Reverta’s economic activities will be discontinued at the end of 2017.
To learn more about Reverta, please visit our web page: www.reverta.lv.
For more information contact:
Marita Ozoliņa
Head of Communication and Marketing Department
Tel.: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv