Latvijas balzams weighs insolvency as shareholders to meet on November 3
Amber Latvijas balzams, the maker of Riga Black Balsam, has called a shareholder meeting for November 3 to decide whether it can keep operating or should enter insolvency. In early October it asked a court to end its legal protection proceedings.
The board of Amber Latvijas balzams, the producer of Riga Black Balsam, has called a shareholders' meeting for November 3. Shareholders will consider whether the company can continue operating and whether to begin insolvency proceedings. The decision will take their proposals into account. The company makes one of Latvia's best-known alcohol brands and belongs to billionaire Yuri Shefler's international Amber Beverage Group.
How the company got here
In early 2026, Amber Latvijas balzams sought court protection after accumulating more than 28 million euros in unpaid taxes owed to the state. It blamed its difficulties on external problems that had built up over years: the seizure of Amber Beverage Group assets in Russia, a major cyberattack on the company, and challenges in global spirits markets.
Under the protection proceedings, the company had to draw up a debt repayment plan and win approval for it before October. The plan included repaying in full the principal owed to secured creditors, among them the State Revenue Service, Latvia's tax authority, as well as to suppliers.
The plan was not approved. The company said one factor behind the outcome was MBO Beverages, which had bought the company's debt from other major creditors. In early October, Amber Latvijas balzams asked the Riga City Court to end the legal protection proceedings.
Current situation
The company says that since the proceedings began it has paid 20.4 million euros in current taxes and has not accumulated new overdue debts. Production in Riga continues.
