Amber Latvijas Balzams Moves Some Production to Lithuania, Including "Riga Champagne"

Alcoholic beverage producer AS Amber Latvijas Balzams, which is undergoing legal protection proceedings, moved production of "Rīgas šampanietis" (Riga Champagne) to Lithuania this summer. The product has also been renamed and is now sold as "Rīgas dzirkstošais" (Riga Sparkling). The portal LSM reported the change. The company says it is optimising costs and already makes part of its products in Lithuania.

The company must draw up a legal protection plan and agree it with its creditors. During the proceedings, Balzams continues restructuring its obligations and stabilising its operations. Whether the plan is approved will depend on the largest creditor, the State Revenue Service. Neither the service nor the company gave broader comments to Latvian Radio.

How the company ended up in legal protection

Amber Latvijas Balzams filed to start legal protection proceedings on 30 January 2026, responding to frozen bank accounts and a marked deterioration in liquidity. The court opened the proceedings on 5 February. Under the bond terms, this counted as a default event because the company is a significant guarantor.

The company belongs to the international alcoholic beverage production and distribution group Amber Beverage Group Holding, based in Luxembourg, which owns 89.99% of its shares. The shares are listed on the second list of the Nasdaq Riga exchange. According to the group's statement, the company is closely integrated into the group's financial structure as its main guarantor and primary production unit.

On 11 February, bondholders' representative CSC (Sweden) filed a notice of default. The terms require Amber Beverage Group Holding to pay all bondholders the bonds' nominal value, accrued coupon and late-payment interest within 20 business days. In the spring, after the default, Nasdaq Riga placed the parent company under supervision status.