Largest US Wood Pellet Maker Enviva Prepares Bankruptcy Filing: Report

By Vandana Singh, Editor
February 14, 2024
Category: Business & Politics
Region: United States

Enviva, the largest U.S. wood pellet exporter, is on the brink of filing for bankruptcy following substantial losses resulting from an ill-fated speculation on future commodity prices. …A faction of Enviva’s bondholders is proposing financing for the Chapter 11 process, offering a potential lifeline, the Wall Street Journal noted. Enviva’s shares, once resilient during the pandemic and the European energy crisis, have plummeted by 99% over the past 12 months. Enviva, which markets its wood pellets as a low-carbon alternative to fossil fuels, operates ten plants across the South and six marine terminals. Although metric tons sold increased in the latest quarter, which ended September 30, revenue dwindled, and net losses expanded due to lower prices. …Enviva shares are down 37.70% at $0.28 on the last check Wednesday.

Related coverage in Woodworking Network: Is sun setting on Enviva’s future?

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