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“Amber Latvijas balzams” submitted an application to start the legal protection process in order to restructure financial obligations. The purpose of the legal protection process is to protect the company’s operations while working with creditors to create a sustainable financial structure, the company explains.
Also, the company notes that “Amber Latvijas balzams” will continue normal economic activity during the legal protection process.
The legal protection process application of “Amber Latvijas balzams” applies only to the operation of the Latvian company and warehouses. The group’s sales and distribution companies in other countries will not be affected by this process, and their operations will continue as usual, the statement added.
The company states that the decision to file a legal protection process was made after the confiscation of “Amber Beverage Group” assets in Russia and a large-scale cyber attack, which was directed against both local and international operations. The decision was also driven by challenges in the global spirits markets.
According to the company, the set of these factors created significant cash flow problems, thus delaying excise tax payments. After lengthy negotiations with the State Revenue Service (SRS) regarding overdue excise duty obligations, the SRS has frozen the company’s bank accounts. The legal protection process provides a structured framework for resolving all liabilities, including tax debts, through a restructuring plan approved by creditors and the court.
