Wood pellet producer Enviva files for bankruptcy and plans to restructure

The largest global industrial wood pellet supplier filed for Chapter 11 bankruptcy protection on Wednesday, announcing its intention to cut about $1 billion of debt by restructuring agreements with creditors, including those who have invested heavily in new facilities. Maryland-based Enviva said in the filing that its debts exceed $2.6 billion. The company owes $780 million to a Delaware bank, $348 million to a German energy company, as well as $353 million in bonds from local development authorities in Mississippi and Alabama.