Wood pellet maker Enviva previews contract shakeup in bankruptcy [Reuters]
Enviva Inc. (EVA)
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Source: Reuters
a $349 million contract dispute with German energy company RWE in bankruptcy, lawyers for the company said on Thursday. Enviva attorney David Meyer said at a court hearing in Alexandria, Virginia, on Thursday that the company is building support for a deal that will cut $1 billion in debt and make its biofuel business more profitable in the long run. Those efforts will lead Enviva to terminate some contracts with energy customers who have "refused to engage" in price reductions, Meyer told U.S. Bankruptcy Judge Brian Kenney. Enviva filed for bankruptcy protection on Tuesday, saying that it has struggled to maintain profitability due to increased costs for converting raw wood fiber into pellets that can be burned as biofuel by its energy customers. Enviva has long-term contracts with energy companies in the United Kingdom, the European Union, and Japan, and some of those contracts have locked in prices that are no longer profitable for Enviva, the company said. Enviva intends to
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- 3/15/24 - Form NT
- 3/15/24 - Form 8-K
- EVA's page on the SEC website