Latvia’s State Revenue Service (VID) has once again frozen the bank accounts of alcoholic beverage producer Amber Latvijas balzams following the termination of the company’s legal protection proceedings, according to a statement submitted to the Nasdaq Riga stock exchange.
The company said it is actively evaluating and discussing options to secure access to the funds essential for continuing its operations and to have the restrictions on its bank accounts lifted.
Amber Latvijas balzams representatives explained that the global downturn in the spirits market, declining export orders and other external factors had created significant cash flow difficulties, resulting in overdue excise tax payments.
Following prolonged negotiations over the outstanding excise tax liabilities, the State Revenue Service froze the company’s bank accounts.
To ensure business continuity and protect creditors’ interests, Amber Latvijas balzams filed an application for legal protection proceedings on the 30th of January, 2026. Riga City Court opened the proceedings on the 5th of February, 2026.
However, the legal protection proceedings were terminated in early October.
The company explained that the termination allows creditors to resume pursuing their previous claims, prompting the State Revenue Service to reinstate the freeze on its bank accounts.
According to VID data, Amber Latvijas balzams had outstanding tax debts of 28.28 million euros as of the 12th of October, 2026.
As previously reported by LETA, the legal protection proceedings involving Amber Latvijas balzams were terminated on the 9th of October, 2026 because the proposed restructuring plan had not received the support of the majority of creditors required under Latvia’s Insolvency Law.
An extraordinary shareholders’ meeting has been scheduled for the 3rd of November, 2026, during which the company will consider, among other matters, whether to initiate insolvency proceedings.
The meeting agenda includes an assessment of the consequences of terminating the legal protection proceedings
and the company’s options for continuing operations, including the possibility of filing for insolvency.
Amber Latvijas balzams reported revenue of 74.464 million euros in 2025, a decrease of 4.8% compared with the previous year. The company’s profit fell by 31.5% to 836,359 euros.
Amber Latvijas balzams is part of Amber Beverage Group, an international alcoholic beverage production and distribution group headquartered in Luxembourg.
The group operates through manufacturing and distribution companies in the Baltic states and elsewhere around the world.
Amber Beverage Group is owned by billionaire Yuri Shefler.
Amber Latvijas balzams was registered in 1991 and has share capital of 10,495,660 euros.
The company’s shares are listed on the secondary list of the Nasdaq Riga stock exchange.