Enviva, the largest U.S. wood pellet exporter, is preparing to file for bankruptcy within days after a bad bet on future prices of the commodity triggered nine-figure losses, according to people familiar with the matter. The company last month entered into a 30-day grace period that expires on Thursday after missing a $24 million interest payment owed to its bondholders. Enviva is making preparations to file for bankruptcy as soon as the end of this week, but it might push the filing back to continue negotiations if the bondholders agree to extend the grace period, the people said. A group of Enviva’s bondholders is offering the company financing for the chapter 11 process, the people said. Enviva didn’t respond to requests for comment. Enviva’s shares have lost 99% of their value in the past 12 months. The stock closed Tuesday below 45 cents. [to access the full story a WSJ subscription is required]

Additional coverage in StarNews: Could this week bring clarity to Enviva’s future?