Enviva Inc.: going-concern / distress — Enviva enters $500M DIP financing, up to $150M available immediately in Chapter 11

Enviva Inc.

Court approved $500M debtor-in-possession facility; $150M available under interim order dated March 14, 2024.
DIP loans bear interest at base+7% or SOFR+8%; maturity Dec 13, 2024 or upon plan effective date.
Eligible stockholders (institutional accredited investors as of March 11) may syndicate up to $100M each, min $1M, by March 28.
Tranche A loans/notes may be converted into equity upon maturity.
Company expects to continue operations normally during Chapter 11 restructuring.

item 1.01 item 2.03 item 1.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.99

Enviva Inc. entered chapter 11 in United States Bankruptcy Court for the Eastern District of Virginia (petition 2024-03-12).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Eastern District of Virginia
Petition: 2024-03-12

Exact text from the filing

Item 1.03 Bankruptcy or Receivership. As previously disclosed, on March 12, 2024 (the “ Petition Date ”), Enviva Inc., a Delaware corporation (the “ Company ”) and certain subsidiaries of the Company (collectively, the “ Debtors ”) filed voluntary petitions (the “ Bankruptcy Petitions ”) for reorganization under Chapter 11 of Title 11 of the United States Code (“ Bankruptcy Code ”) in the United States Bankruptcy Court for the Eastern District of Virginia (“ Bankruptcy Court ”).

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Source: SEC EDGAR

accession 0001104659-24-034944

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