Following the closure of the legal protection proceedings against the drinks manufacturer ‘Amber Latvijas balzams’, the State Revenue Service (VID) has once again frozen the company’s accounts, according to a statement issued by the company to the ‘Nasdaq Riga’ stock exchange.
The company states that Amber Latvijas balzams is actively assessing and discussing options to ensure access to the funds critically needed to continue operations, as well as to secure the lifting of the account freeze.
To ensure the continuity of the company’s operations and to protect the interests of its creditors, the company filed an application on 30 January 2026 to initiate legal protection proceedings, and the Riga City Court opened proceedings on 5 February 2026. However, the insolvency proceedings were terminated in early October. With the closure of the case, creditors may resume their previously filed claims, and accordingly, the State Revenue Service (VID) has reinstated the freeze on the company’s accounts, the company states.
According to VID data, on 12 October this year, Amber Latvijas balzams had a tax debt of 28.28 million euros administered by the VID.
The legal protection proceedings concerning Amber Latvijas balzams were terminated on 9 October 2026, as the plan of measures for the legal protection proceedings had not been supported by the majority of creditors required under the Insolvency Act.
It has also been reported that this year an extraordinary general meeting of Amber Latvijas balzams shareholders has been convened for 3 November, at which, amongst other things, the initiation of insolvency proceedings is to be considered.
The agenda for the shareholders’ meeting includes a discussion on the consequences of terminating the legal protection proceedings and the company’s future operational options, including the initiation of insolvency proceedings.
Amber Latvijas balzams recorded a turnover of 74.464 million euros in 2025, which is 4.8 per cent less than the previous year, whilst the company’s profit fell by 31.5 per cent to 836,359 euros.
Amber Latvijas balzams is part of the international alcoholic beverages production and distribution group “Amber Beverage Group”, which operates from its head office in Luxembourg, as well as through production and distribution companies in the Baltic states and elsewhere in the world.
Amber Beverage Group is owned by billionaire Yuri Shefler. The company was registered in 1991 and has a share capital of 10,495,660 euros. Amber Latvijas balzams shares are listed on the second list of the ‘Nasdaq Riga’ stock exchange.
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