The New York Stock Exchange will delist Enviva’s stock by October 22, marking the final chapter in the company’s dramatic fall from a market value of nearly $6 billion in 2022. The wood-pellet producer’s financial troubles arose from a failed bet on pellet prices, pushing the firm into bankruptcy and wiping out shareholders.
Initially, the company had offered shareholders a 5% equity stake in a restructured firm. However, the latest bankruptcy plan leaves shareholders with no recovery as Enviva transitions into a private company. A court hearing scheduled for November 13 will determine the final steps in the bankruptcy process. Image: Enviva's share price / Google Finance
