One of Latvia’s best-known liquor brands faces an uncertain future as Riga Black Balsam’s producer weighs insolvency
The board of Amber Latvijas balzams has called a shareholders’ meeting for November 3 to consider whether the company can continue operating and whether to begin insolvency proceedings. The decision will take shareholders’ proposals into account.
Amber Latvijas balzams, a leading liquor brand in Latvia, is facing potential insolvency as its board considers whether to continue operations at a shareholders' meeting on November 3. The company, a part of billionaire Yuri Shefler's international Amber Beverage Group, is allegedly in debt due to years of mounting issues, including the seizure of assets in Russia, a major cyberattack, and challenges in global markets.
In early October, the company requested the Riga City Court to end its legal protection proceedings, which were initiated in early 2026 after it accumulated over 28 million euros in unpaid taxes to the state. The court proceedings required the company to develop a debt repayment plan and secure approval before October, but the plan was not approved.
Amber Latvijas balzams claimed that MBO Beverages, which acquired debt from other major creditors, influenced the decision on the plan. Despite the legal issues, production in Riga continues, and the company has paid 20.4 million euros in current taxes without accumulating new overdue debts.
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