Enviva, the leading exporter of wood pellets in the United States, is on the brink of filing for Chapter 11 bankruptcy following a significant misjudgment in future commodity prices, which led to substantial financial losses. Maryland-based company might proceed with the bankruptcy filing by the end of this week, pending the expiration of a 30-day grace period due to a missed $24 million interest payment to bondholders, WSJ reported.
The company’s stock has plummeted, closing at just under 45 cents a share on Tuesday, marking a 99% decline over the past year. This downturn followed a period of relative success during the pandemic and the European energy crisis last year. Enviva’s foray into speculative purchasing of wood pellets to sel…
Read the full article at: https://www.lesprom.com/en/news/Enviva_nears_bankruptcy_amid_wood_pellet_pricing_misstep_111849/