The flagging shares of America's largest wood-pellet exporter got a lift after Enviva said it had agreed to extend a forbearance agreement with creditors through March 11, the Wall Street Journal reported. The forbearance agreement that Enviva struck last month after missing a bond payment expired. Enviva's shares, which reached nearly $90 in 2022, have traded for less than $1 this year. They rose by more than 30% on Tuesday. Enviva is preparing to file for bankruptcy protection following a wrong-way bet on the price of the power-plant fuel that caused nine-figure losses. In addition to the forbearance extension, Enviva told investors in a securities filing that they should no longer rely on its financial reports for the first three quarters of 2023, which it said would be restated. "This conclusion was based principally on the need to correct the classification of approximately $33 million recoverable from customers for certain handling costs that the company incurred at discharge ports for its wood pellet shipments," Enviva said in the filing.
