The fuel wholesaler 'Bio Energy LV', previously known as 'Sumata', has been declared bankrupt, as confirmed by information from the Bankruptcy Register. The Kurzeme District Court initiated the bankruptcy process on Monday, March 16. Māra Zepa has been appointed as the bankruptcy administrator. Creditors have until April 20 of this year to submit their claims. This situation highlights the financial struggles facing companies in the energy sector, particularly those dealing with significant tax debts.

As of March 17, 'Bio Energy LV' had an outstanding tax debt amounting to €176,241, according to the State Revenue Service (VID). Moreover, reports indicate that the company experienced a turnover of €5.112 million in 2024, an 8.7% decrease from 2023, and has incurred losses of €529,493, contrasting sharply with the profit reported the previous year. This financial downturn raises concerns about the viability of firms in this sector amid fluctuating energy prices and competitive market pressures.

Established in 1995, 'Bio Energy LV' has a registered capital of €546,378. Major shareholder Mārim Feldman holds 97% of the company's shares, while 3% belongs to SIA 'Atamuss'. The bankruptcy declaration may affect numerous stakeholders, including employees and creditors, thus amplifying the impact on the local economy and raising questions about the future of energy distribution in Latvia.