Enviva Biomass produces sustainable wood pellets that serve as a low-carbon alternative to fossil fuels like coal. The company sources its raw materials from low-value wood, such as treetops and limbs, which are by-products of the forestry industry. This not only reduces waste but also promotes sustainable forest management. Enviva sells these wood pellets to power plants and energy producers aiming to lower their carbon emissions, generating revenue through long-term contracts that provide a stable income. Unlike many competitors, Enviva emphasizes both environmental sustainability and community empowerment, creating energy jobs and supporting local economic development. The company's goal is to combat climate change by providing renewable energy solutions while fostering sustainable practices in the communities where it operates.

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It was also reported Tuesday by the Wall Street Journal that Enviva is preparing to file for Chapter 11 bankruptcy.

Enviva plummets again, prepares to file bankruptcy

A Bethesda-based biofuel producer that is the world’s largest exporter of wood pellets, has filed for Chapter 11 bankruptcy protection some four months after first warning that its future as a company was in doubt.

Bethesda biofuel company files for Chapter 11 bankruptcy

BETHESDA, Md., April 8, 2024 /PRNewswire/ -- Enviva Inc. (NYSE: EVA) ("Enviva" or the "Company") today announced that on April 2, 2024, the Company received notice from the New York Stock Exchange (the "NYSE") that it is not in compliance with Section 802.01E of the NYSE Listed Company Manual due to a delay in filing its Annual Report on Form 10-K for the year ended December 31, 2023, with the Securities and Exchange Commission (the "SEC").The NYSE Notice has no immediate effect on the listing of the Company's common stock on the NYSE. The NYSE informed the Company that, under the NYSE's rules, the Company will have six months from April 1, 2024 to file the Form 10-K with the SEC. The Company can regain compliance with the NYSE listing standards by filing the Form 10-K with the SEC before such date. If the Company fails to file the Form 10-K within the six-month period, the NYSE may, in its sole discretion, grant an extension of up to six additional months for the Company to regain compliance.As previously reported in the Company's Notification of Late Filing on Form 12b-25 filed with the SEC on March 15, 2024 (the "Form 12b-25"), the Company was unable to file the Form 10-K within the prescribed period because on March 12, 2024, the Company and certain of its subsidiaries filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code (the "Chapter 11 Cases") in the U.S

Enviva Receives Nyse Notice Regarding Delayed Form 10-K Filing

BETHESDA, Md.--(BUSINESS WIRE)--Enviva Inc. (NYSE: EVA) (“Enviva” or the “Company”), a leading producer of sustainably sourced wood-based biomass, today announced that the U.S. Bankruptcy Court for the Eastern District of Virginia (the “Court”) approved, among other matters, its previously announced $500 million debtor-in-possession financing (the “DIP Facility”) pursuant to the Debtor-in-Possession Credit and Note Purchase Agreement (the “DIP Facility Agreement”) and the procedures and related materials that will govern the syndication of the DIP Facility. Pursuant to the DIP Facility Agreement, the Company intends to offer certain holders of shares of the Company’s Common Stock, par value $0.001 (CUSIP 29415B103) (the “Common Stock”) as of March 11, 2024 (the “Record Date” and such holders, the “Holders”) the opportunity (the “Opportunity”) to subscribe to participate in the syndication of the DIP Facility. To be eligible to participate in the Opportunity, each Holder must be (i) an institutional accredited investor within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act or an entity in which all of the equity investors are such institutional accredited investors, (ii) a beneficial owner of Common Stock as of the Record Date, and (iii) not the Company (an “Eligible Holder”). An Eligible Holder may designate another entity that is a partner, affiliate, or related party of such Eligible Holder to be a subscriber in the Opportunity (a “Permitted Designee”)

Enviva Announces Court Approval Of Dip And The Commencement Of The Dip Syndication Process

BETHESDA, Md.--(BUSINESS WIRE)--Enviva Inc. (NYSE: EVA) (“Enviva” or the “Company”), a leading producer of sustainably sourced wood-based biomass, today announced that it has entered into two Restructuring Support Agreements (“RSAs”): one RSA with an ad hoc group of holders (the “Ad Hoc Group”) representing approximately 72% of its senior secured credit facility, approximately 95% of its 2026 senior notes, approximately 78% of bonds related to its Epes, Alabama plant currently under construction (“Epes”), and approximately 45% of bonds related to its greenfield project near Bond, Mississippi (“Bond”), and a second RSA with certain holders representing more than 92% of bonds related to the Bond project. The RSAs have broad support across the Company’s capital structure and are designed to support an expedited restructuring to reduce the Company’s debt by approximately $1.0 billion, as well as improve profitability, strengthen liquidity, and better position the business for long-term success as the world’s largest producer of industrial wood pellets. To implement this pre-arranged restructuring, Enviva and certain of its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Eastern District of Virginia (the “Court”). The Company has also secured commitments for $500 million in debtor-in-possession financing (“DIP Facility”) and other financing accommodations from the Ad Hoc Group, a portion of which will be allocated by the Company to eligible stockholders in accordance with a syndication process that is subject to Court approval

Enviva Announces Comprehensive Agreements To Delever Balance Sheet And Strengthen Financial Position

Enviva has also shifted Chief Development Officer Mark Coscio to a new role as chief operating officer overseeing its plants, ports and investment capital programs, and hired a financial adviser to assist the company with a "comprehensive review of alternatives to strengthen its capital structure, augment liquidity, address contractual liabilities, and increase long-term profitability," according to a news release.

Bethesda biofuel company Enviva raises 'substantial doubt' about ability to stay in business

Jeffrey W. Ubben resigns as director on the Board of directors of Enviva Inc.

Jeffrey W. Ubben Resigns as Director on the Board of Directors of Enviva Inc

LIVINGSTON, Ala. (WTOK) - West AlabamaWorks is hosting a hiring event, in partnership with Enviva, Wednesday, Nov. 20, from 1 p.m. to 5 p.m. at the Livingston Civic Center, 101 Country Club Road in Livingston.

West AlabamaWorks hosting hiring event Wednesday in Livingston

Enviva says it has fully drawn $675 million under its senior secured credit facility, which matures in June 2007.

Late 2022 Purchases Put Enviva In A Bind

Enviva: court approves $500 million DIP financing.

Enviva: Court approves $500 million DIP financing

Produces sustainable wood pellets for energy

Enviva

Produces sustainable wood pellets for energy

Enviva

Produces sustainable wood pellets for energy

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