The world’s largest industrial wood pellet manufacturer is declaring bankruptcy and that could affect planned mills in both Alabama and Mississippi. Enviva, in a release, said it hopes to reduce debt by $1 billion through Chapter 11 bankruptcy. Two of its plants under construction will be affected. The new Alabama plant in Epes near the Mississippi border in Sumter County will continue construction and begin production in 2025. The mill was scheduled to open this year. It is recipient of $112 million in taxpayer-funded subsidies in the form of a manufacturing equipment tax credit. In southern Mississippi, the mill proposed for Bond in Stone County will be paused. The Bond mill, also scheduled to open this year, will receive $4 million in state grants and state and local tax breaks. …”We look forward to emerging from this process as a stronger company with a solid financial foundation,” said Glenn Nunziata, interim chief executive officer and chief financial officer.
Related Coverage:
- Sampson Independent: Enviva, with plant in Sampson, files for bankruptcy
- Savannah Morning News: Georgia wood pellet plant files for bankruptcy