All articles tagged with #enviva
Enviva, a major player in the wood energy industry, has filed for bankruptcy as part of a financial restructuring plan. The company, which produces wood pellets for renewable energy, aims to reorganize its debt and emerge from bankruptcy with a stronger financial position.
Enviva Inc., a leading producer of wood-based biomass, has entered into two Restructuring Support Agreements to reduce its debt by approximately $1.0 billion and improve profitability. The company has commenced voluntary Chapter 11 proceedings to implement the pre-arranged restructuring plan and secured commitments for $500 million in debtor-in-possession financing. Enviva plans to continue operations and construction of its Epes plant while pausing development of its Bond project. The restructuring is expected to be completed in the fourth quarter of 2024, and existing equity holders are set to receive 5% of the reorganized company's common equity at exit from Chapter 11 proceedings. Enviva aims to emerge as a stronger company with a solid financial foundation and remains in contact with the New York Stock Exchange to continue listing its common stock throughout the restructuring process.