Feb 15 • 14:08 UTC 🇱🇻 Latvia LSM

Amber Latvijas balzams in debt trouble – will the company survive?

Amber Latvijas balzams, a major Latvian company, is facing significant debt problems with over 28 million euros owed in taxes and has initiated a legal process for debt protection.

Amber Latvijas balzams, a well-known company in Latvia, currently owes more than 28 million euros in taxes to the government, a shocking rise from having no debts just the previous summer. The state tax authority, Valsts ieņēmumu dienests (VID), began tax debt recovery efforts against the company in November, to which the management promised that the debts would be settled. However, three months later, the situation has worsened, and the courts have now opened proceedings for the company's legal protection due to its inability to meet its debt obligations.

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