Wood pellet producer Enviva files for bankruptcy

Enviva Inc., the world’s biggest supplier of wood pellets, filed for bankruptcy in Virginia, outlining a restructuring plan to cut debt by about $1 billion. The company listed assets between $100 million and $500 million, and liabilities of $1 billion to $10 billion in its Chapter 11 filing. The filing in the US bankruptcy court protects the company from creditors while it develops a plan to pay them. To facilitate this restructuring, Enviva and some subsidiaries have initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Eastern District of Virginia. The company has ...