Enviva filing for bankruptcy following bad futures play

In Maryland, the Wall Street Journal reports the largest wood pellet exporter in the US, Enviva, is filing for bankruptcy following a bad move on the futures market that led to hundreds of millions of dollars in losses. It forced the company to miss a $24 million interest payment to bondholders earlier this month, although a group of bondholders is interested in financing the chapter 11 process. The company’s stock value has fallen 99% over the past year, despite having survived the pandemic and the energy crisis.