Wood Pellet Maker Enviva Secures Forbearance Agreement Following Missed Bond Payment
By Sabela Ojea
Enviva has entered into a forbearance agreement with some of its lenders as it reviews alternatives to address its financial situation.
The nation's largest exporter of wood pellets on Friday said the forbearance agreement follows a failed semiannual interest bond payment of about $24.4 million.
Enviva intends to continue negotiating with the forbearing counterparties and the company's customers and other stakeholders during the forbearance period, which will terminate on March 4.
Enviva's latest announcement comes three days after The Wall Street Journal reported the company is preparing to file for bankruptcy within days, and some of its bondholders are offering to finance it.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
February 16, 2024 17:50 ET (22:50 GMT)
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