The largest global industrial wood pellet supplier filed for Chapter 11 bankruptcy protection on Wednesday, announcing its intention to cut about $1
billion of debt by restructuring agreements with creditors, including those who have invested heavily in new facilities.that its debts exceed $2.6 billion. The company owes $780 million to a Delaware bank, $348 million to a German energy company, as well as $353 million in bonds from local development authorities in Mississippi and Alabama. The announcement came two months after Fitch Ratings downgraded Enviva’s default rating following a missed interest payment of $24.4 million.
With increased interest from Asian and European nations ‘ in burning wood for fuel, Enviva officials had hoped that new plants in Alabama and Mississippi would increase its existing annual pellet production of about 5 metric tons . Construction will continue at its location in Epes, Alabama, Enviva said in a March 12 statement. But the development of a Bond, Mississippi, facility is pausing until the company finishes restructuring.
Danna Smith, the executive director of the Dogwood Alliance, celebrated the bankruptcy filing as a sign that what she called Enviva’s “greenwashing tactics and lack of transparency” have caught up to the company.
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