Fitch downgrades Enviva

Fitch Ratings said it downgraded Enviva Inc.'s long-term issuer default rating to D from RD, Restricted Default. The agency, however, affirmed Enviva's senior unsecured debt rating at C but lowered the recovery rating to RR6 from RR5.

The D IDR rating reflects Enviva's announcement that it voluntarily filed for relief under Chapter 11 of the U.S. Bankruptcy Code on Tuesday.

Enviva failed to cure the missed payment of $750 million for its 6½% senior notes due 2026 upon expiration of its original 30-day grace period and multiple forbearance agreements with the company's lenders, bondholders, and noteholders holding the requisite amount of the aggregate principal amount outstanding or committed under the applicable facilities, the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.