Wood Pellet Maker Enviva Misses Bond Payment

The company’s failure to make the interest payment came after a trade on future pellet prices went bad

By Alexander Gladstone

Jan. 16, 2024 11:21 am ET|WSJ PRO

Enviva, the largest U.S. wood pellet exporter, is skipping a $24 million payment due to its

bondholders Tuesday, according to a securities filing, as it continues restructuring discussions in the wake of a disastrous bet on future pellet prices.

The company now has 30 days to make the bond payment before the failure to pay constitutes an event of default. Enviva is conducting a review of alternatives to address its capital structure and liquidity needs, the company has said.

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