{"id":87235,"date":"2024-01-24T09:38:03","date_gmt":"2024-01-24T09:38:03","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/enviva-misses-bond-payment-what-next-for-the-wood-pellet-giant\/"},"modified":"2025-09-19T09:01:26","modified_gmt":"2025-09-19T09:01:26","slug":"enviva-misses-bond-payment-what-next-for-the-wood-pellet-giant","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/enviva-misses-bond-payment-what-next-for-the-wood-pellet-giant\/","title":{"rendered":"Enviva misses bond payment; what next for the wood pellet giant?"},"content":{"rendered":"

Enviva, the financially struggling wood-to-energy company with major operations in Eastern North Carolina and at the\u00a0Port of Wilmington, has decided to skip a $24 million payment due to its bondholders, according to a securities filing.<\/span><\/p>\n

The announcement saw the company's already battered stock price, which has lost more than 99% of its value in under a year, fall another 50%, spending most of the week hovering around 50 cents a share. As recently as April 2022, it was trading at more than $87 a share. It also could threaten the company's listing on the New York Stock Exchange (NYSE), which generally moves to delist companies whose stock price is below $1 for 30 consecutive days.<\/p>\n

Enviva\u00a0now has 30 days to make the bond payment before the failure to pay is considered a default. The company has said it is conducting a thorough review of its business and has hired outside advisory firms to perform a comprehensive review of the company's capital structure amid worries that it won't be able to continue to operate in its current form.<\/p>\n

The company's\u00a08-K report, which is used to state unscheduled material events or changes that could interest shareholders or federal Securities and Exchange Commission (SEC), was filed Jan. 16. It comes as Enviva has yet to announce when it will release its fourth quarter earnings report, numbers that are expected to continue to show the company bleeding red ink.<\/p>\n

Enviva's third-quarter results showed an $85 million loss, up from $18.3 million in the third-quarter 2022. The company's financial woes are largely due to collapsing prices for wood pellets, meaning the company is making less money even though it's selling more pellets than ever before. With Enviva locked into several long-term contracts with customers at low prices, losses could continue to mount unless the company is able to renegotiate the agreements.<\/p>\n

\"Since November 9, 2023, Enviva Inc.\u2019s leadership and advisors have been actively engaged in negotiations with potential strategic partners, customers, and other stakeholders in connection with the company\u2019s previously announced comprehensive review of alternatives to strengthen its capital structure, augment liquidity, address contractual liabilities, and increase long-term profitability,\" states the Jan. 16 filing.<\/p>\n

According to the\u00a0filing, Enviva decided not to make the interest payment even though the company had sufficient cash on hand to do so.<\/p>\n

\"The decision to utilize the grace period does not trigger an event of default under the indenture governing the senior notes nor does it result in a cross-default under any of the company\u2019s other debt facilities, and the company retains the right to make the interest payment through the end of the grace period,\" the filing states. \"The company has continued to make interest payments when due on other debt facilities.\"<\/p>\n

An Enviva spokesperson declined to comment on skipped bond payment beyond what was included in the SEC filing.<\/p>","protected":false},"excerpt":{"rendered":"

Enviva, the financially struggling wood-to-energy company with major operations in Eastern North Carolina and at the\u00a0Port of Wilmington, has decided to skip a $24 million payment due to its bondholders, according to a securities filing. The announcement saw the company’s … Continue reading →<\/span><\/a><\/p>","protected":false},"author":1,"featured_media":83720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[4716],"tags":[],"class_list":["post-87235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-trends"],"acf":[],"yoast_head":"\nEnviva misses bond payment; what next for the wood pellet giant? - Timber Industry News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.timberindustrynews.com\/ro\/enviva-misses-bond-payment-what-next-for-the-wood-pellet-giant\/\" \/>\n<meta property=\"og:locale\" content=\"ro_RO\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Enviva misses bond payment; what next for the wood pellet giant? - Timber Industry News\" \/>\n<meta property=\"og:description\" content=\"Enviva, the financially struggling wood-to-energy company with major operations in Eastern North Carolina and at the\u00a0Port of Wilmington, has decided to skip a $24 million payment due to its bondholders, according to a securities filing. 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