The US Bankruptcy Court approved the first amended joint plan of reorganization of Enviva Inc. on November 13, 2024. The debtor has filed its amended plan in the Court on October 4, 2024. As per the amended plan, administrative expense claims, professional fees claim, DIP facility claims of $500 million, priority tax claims, statutory fees, other priority claims, other secured claims, senior secured credit facility claims of $685 million, and NMTC claims of $73 million shall be paid in full in cash.
Bond general unsecured claims of $1.02 billion shall be recovered 6.96% i.e., $70.92 million of its pro rata share of the bond general unsecured claims equity pool, and the subscription rights. Non-bond general unsecured claims shall receive cash in amount of $41.94 million multiplied by the applicable GUC distribution pool allocation along with 10.09% of the Litigation Trust Interests multiplied by applicable GUC Distribution Pool Allocation. Intercompany claims and intercompany interests shall be reinstated.
Section 510(b) claims shall be discharged and released and shall not receive or retain any distribution. Existing equity interests shall receive its pro rata share of cash in an amount equal to $1 million, or solely to the extent a holder of an existing equity interest affirmatively elects to receive such treatment on a timely and properly submitted ballot, the existing equity interests equity pool and the new warrants. The plan shall be funded through cash in hand, exit facility, and issuance of reorganized Enviva Inc. interests and new warrants.