Business · Companies · 1 hr ago
Riga Black Balsam producer faces decision on possible insolvency
Amber Latvijas balzams, the Latvian company that makes Riga Black Balsam, is facing an uncertain future.
Its board has called a shareholders’ meeting for November 3 to consider whether the company can keep operating and whether to begin insolvency proceedings.
The company sought court protection in early 2026 after building up more than 28 million euros in unpaid taxes.
It blamed its financial problems on several factors, including a cyberattack, the seizure of group assets in Russia and difficulties in global spirits markets.
A debt repayment plan required under the protection process was not approved, and the company has asked the Riga City Court to end that process.
The company says it has paid 20.4 million euros in current taxes since the proceedings began and has not accrued new overdue debts.
Production continues in Riga, but shareholders will consider the company’s next steps at the November meeting.
Amber Latvijas balzams’ board has called a November 3 shareholders’ meeting to consider whether the company can continue operating and whether to begin insolvency proceedings.
The Riga Black Balsam producer asked the Riga City Court in early October to end its legal protection proceedings.
The company sought court protection in early 2026 after accumulating more than 28 million euros in unpaid taxes.
Its debt repayment plan was not approved before the October deadline.
The company says it has paid 20.4 million euros in current taxes since the proceedings began, and production in Riga continues.
- Who
- Amber Latvijas balzams, producer of Riga Black Balsam, and its shareholders.
- What
- Shareholders are to consider whether the company can continue operating and whether to begin insolvency proceedings.
- When
- The meeting is scheduled for November 3.
- Where
- Riga, Latvia.
- Why
- The company has substantial debts, and its proposed repayment plan was not approved.
This story does not have two clearly opposing sides.
Amber Latvijas balzams sought court protection after accumulating more than 28 million euros in unpaid taxes.
The company asked the Riga City Court to end its legal protection proceedings.
The company’s debt repayment plan was not approved.
Shareholders are scheduled to consider whether the company can continue operating and whether to begin insolvency proceedings.
- Unpaid taxes
- More than 28 million euros
- Current taxes paid
- 20.4 million euros since legal protection proceedings began
- Shareholders’ meeting
- November 3
- Court
- Riga City Court
- Production
- Continues in Riga
What people are saying
external problems that have been mounting for years
challenges
Sources
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