Reverta asks to remove its bonds from the regulate

Today, on 19 October 2017, Joint-Stock Company Reverta, in liquidation, has asked exchange Nasdaq Riga to remove bonds issued by Joint-Stock Company Parex Bank from the regulated market.

The request is based on the grounds of a winding-up procedure that was commenced for Reverta on 1 July 2017 and on the grounds of the provisions of Article 8 – Repayment of aid before fulfilling subordinated obligations – of the Latvian Law on Control of Aid for Commercial Activity.

“The law states unequivocally that Reverta’s obligations arising from bonds are subordinated obligations to be repaid only after a full repayment of the State aid,” says Reverta’s Liquidator Ruta Amtmane.

As announced before, on 29 May 2017, Annual General Meeting of Reverta’s shareholders decided to commence the liquidation of the company. In parallel with the winding-up procedure and the handover of the credit portfolio to the investor Gelvora, Reverta continues interest payments to the State Treasury. This year, the State Treasury has received EUR 11 M, and the State has received more than EUR 700 M since 1 August 2010 in the form of various payments.

Since the beginning of operation, Reverta has recovered EUR 754.5 M or 70 per cent of all distressed assets left to the company after the takeover and split of Parex Bank. Additional information:

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. 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