Latvia will now play for 7th place, which is the final Olympic qualification spot up for grabs.
Latvia will play the Czech Republic in the make-or-break game Friday evening in a winner-takes-all encounter.
A victory would provide a huge boost to the sport and provide a suitable climax to what has been generally acknowledged as a fine fighting performance by the national team despite its dearth of major stars.
The highest scorer Thursday for Latvia was Kristaps Janicenoks with 22 points, followed by 14 points a piece from Mareks Mejeris and Dairis Bertans.