Latvia’s State Revenue Service has reinstated a freeze on the bank accounts of Amber Latvijas Balzams.
Last week, the spirits producer exited legal protection proceedings (LPP) after creditors rejected a plan to restructure the Latvian group’s liabilities.
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“Following the termination of the LPP, creditors may revert to their previous claims, and the SRS [State Revenue Service] has accordingly reinstated the freeze on the company’s accounts,” the group said in its statement.
Amber Latvijas Balzams added it is “actively assessing and discussing options to ensure the availability of funds critical for its continued operations and to have the account freeze lifted”.
The company had its accounts frozen earlier this year. Amber Latvijas Balzams said the delayed payments had been caused by “the downturn in the global spirits market, the decline in export orders and other external factors” that had generated “significant” liquidity constraints.
The group then filed for court protection on 30 January, with the Riga City Court initiating the LPP on 5 February.
The court later extended the deadline for the company to secure approval for its restructuring “action plan” from 5 June to 5 October.
During the proceedings, the company paid €20.4m ($22.8m) in current taxes and provided €1.77m in excise-duty security.
A collapsed four-year repayment plan would have settled principal debts owed to secured lenders and suppliers while protecting bondholders.
The process derailed after a third party acquired loan claims from Luminor Bank and UBS, demanding conditions that Amber Latvijas Balzams said would have handed that creditor “significant influence” over the business.
Bondholders also pressed for a “substantial” sum to cover liabilities linked to guarantees for its parent company, Amber Beverage Group.
External headwinds have hit the producer hard, particularly operational disruptions at Stoli Group’s US division, its largest customer.
Amber Latvijas Balzams slid into the red in the first half of 2026, recording a net loss of €0.95m compared with a €1.2m net profit in the prior-year period.
Net revenue fell 30.4% year on year to €24.6m, alongside a 38.2% drop in sales volumes.
Its parent company, Amber Beverage Group, remains under judicial reorganisation proceedings initiated in April following a debt default.
