Today, on 01 August 2013, the new management of the Supervisory Board of Joint-Stock Company Reverta was elected. Michael Joseph Bourke, Chairman of the Supervisory Board, was re-elected to the post, and Kaspars ?boli?š, Member of the Supervisory Board, was elected Deputy Chairman of the Board. Mary Ellen Collins and Andris Ozoli?š will serve as Members of the Supervisory Board.
“In the coming years, we are going to continue active work on loan restructuring and debt recovery, paying particular attention to management and disposal of our real estate portfolio. The amount of funds recovered by now, EUR450m, shows that our strategy has been chosen and decisions have been made correctly,” stressed the Chairman of the Supervisory Board Michael Bourke. „By the end of 2017, we have to be able to repay the maximum possible amount of the State Aid. This is a really great challenge both for the management of the company and its employees,” said Michael Bourke. " In the next three years in the life of the newly elected Supervisory Board, we will focus our efforts on the continued recovery of loans both through the Courts and legal processes and through Loan restructuring. The amount of loans recovered by now - Eur 450m shows that correct strategy has been chosen and followed through with the right decisions have been made correctly,”stressed the Chairman of the Supervisory Board Michael Bourke. According to the EU approved Restructuring Plan for Reverta, by the end of 2017, we have to be able to repay the maximum possible amount of the State Aid. This is a really great challenge both for the management of the company and its employees,” said Michael Bourke.
As it has been already announced before, Reverta’s Supervisory Board was re-elected on 26 July 2013 in an extraordinary Shareholders’ Meeting due to the end of the term of office of the Supervisory Board elected on 01 August 2010. Michael Bourke and Mary Ellen Collins were re-elected to the Board, and there are two newcomers – Kaspars ?boli?š and Andris Ozoli?š. The two newly elected members of the Supervisory Board have gained a considerable experience in the financial sector: Kaspars ?boli?š has served as the Treasurer at the Treasury of the Republic of Latvia and as Director on the Board of Directors of Nordic Investment Bank, whereas Andris Ozoli?š for more than 13 years worked for DNB Bank, eight of those as the President of the bank, headed the Council of the Association of Commercial Banks of Latvia and worked in the field of financial counselling. According to the Articles of Association of Reverta, the Supervisory Board is elected for the term of three years.
For additional information: JSC Reverta is the largest distressed assets manager in Baltic countries. The main competencies of the Company are loan restructuring, debt recovery and real estate management. Currently there are more then 1000 items in the Company’s real estate portfolio. Reverta’s debt portfolio consists of debts in Baltic and the CIS countries (mostly Russia), and 60% of all debts are to be recovered in Latvia.
To learn more about Reverta, please visit the Company’s web page: www.reverta.lv. For more information, contact: Marita Ozoli?a Head of Communication and Marketing Department Tel.: 67779142 or 29287169 E-mail: marita.ozolina@reverta.lv
