Enviva, the world’s largest maker of wood pellets with four plants and an export terminal in North Carolina, has declared bankruptcy but says it expects to emerge with its business intact.
Maryland-based Enviva announced late Tuesday that it had reached agreements with several of its creditors that will allow it to reduce its debt by $1 billion. To carry out those agreements, the company says it went into Chapter 11 bankruptcy.
Enviva essentially sells one product: cylindrical pellets about as big around as a pencil that it makes from trees and scrap wood from the Southeastern United States. Demand for the pellets has remained strong in Europe and Asia, where they are burned in power plants for heat and electricity.
But Enviva reported…
