Biomass Leader Enviva Plunges Amid Debt Chaos, Replaces CEO (2)

Enviva Inc., the world’s largest producer of wood pellets for power plants, warned it may not be able to continue operating after losses surged. The company replaced its leadership and announced plans to review its debt.

Shares of the Maryland-based company plunged 79%, their biggest intraday drop on record. The rapid selloff triggered multiple volatility-related trading halts for the stock and dragged it to a fresh low.

Enviva posted an $85.2 million loss for the third quarter and is considering working with advisers Lazard Ltd., Alvarez & Marsal, and Vinson & Elkins LLP on a comprehensive review of its ...