Amber Beverage Group’s Latvian Unit Files for Insolvency Amidst Cyberattacks and Market Challenges

Amber Beverage Group (ABG) has initiated legal restructuring proceedings, known as Tiesiskās Aizsardzības Process (TAP), for its Latvian subsidiary, Amber Latvijas Balzams (ALB), citing financial pressures stemming from a sophisticated cyberattack, legal battles, and broader market headwinds. The move, filed with the Riga City Court on January 30, 2026, is not a liquidation but a strategic effort to reorganize and establish a sustainable financial structure [The Spirits Business].

Restructuring Process and Operational Continuity

The TAP process is designed to protect the business while ABG negotiates with creditors. Crucially, ALB will continue normal operations throughout the restructuring, maintaining production across its facilities and warehouses to ensure a steady supply to customers [The Spirits Business]. The company has affirmed that the filing will not impact its 364 employees, and salaries will be unaffected.

Root Causes of the Financial Strain

ABG attributes the need for TAP to a confluence of factors. Following its public support for Ukraine and European peace, Russian authorities designated associated entities as “extremist.” This designation was followed by a “sophisticated large-scale cyber attack” in September 2024, targeting both local and international operations [Drinks Intel]. The impact of the cyberattack, coupled with the costs of legal battles with the Russian Federation, has significantly impacted operations and limited access to international markets.

the company acknowledges broader industry trends, noting that major spirits producers worldwide have reported declining volumes, particularly in key export markets. Changing consumer preferences, economic pressures, and inventory corrections throughout distribution channels have also contributed to the challenging environment [Drinks Intel].

Impact on Amber Beverage Group

ABG has emphasized that the TAP filing applies solely to its Latvian subsidiary, JSC, also known as Amber Latvijas Balzams. The group’s sales and distribution companies worldwide are unaffected and will continue to operate normally [The Spirits Business].

Connection to Stoli Group Bankruptcy

This development follows recent financial difficulties within Stoli Group, the majority shareholder of ABG. Two weeks prior, Stoli Group USA and Kentucky Owl Bourbon filed for bankruptcy after a period of legal protection in the US [Yahoo Finance]. Similar to the situation with ALB, Stoli cited a cyberattack and repercussions from its stance on the Russia-Ukraine conflict as contributing factors.

CEO Statement

Normunds Stanevics, Group CEO of Amber Beverage Group, stated, “This was a difficult but necessary decision to protect our business, our brands and the jobs at Latvijas balzams. TAP provides us with the legal protection we need to negotiate with creditors and establish a sustainable path forward. We remain committed to our operations in Latvia and to our role as a significant contributor to the Latvian economy.” [The Spirits Business]