Mar. 13, 2024
Sumitomo Corporaiton
Enviva's announcement on their filing of Chapter11 Bankruptcy Code
Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo; hereinafter "SC") procures woody biomass for Japanese customers from one of the largest woody biomass producers, U.S.-based Enviva Inc. (Headquarters: Bethesda, State of Maryland, Representative: Glenn Nunziata (Interim CEO) (hereinafter “Enviva”).
On March 12 (local time), Enviva filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Eastern District of Virginia and announced that it would begin legal restructuring procedures. According to Enviva’s announcement, Enviva plans to proceed with its restructuring plan, which includes improving profitability and reducing debt, during the fourth quarter of 2024.
Based on the procurement contract for woody biomass from Enviva, SC holds several long-term supply contracts for Japanese customers. We will closely monitor the progress of Enviva's procedures and discuss with Japanese customers how to treat with procurement from Enviva.
The impact on SC’s consolidated financial results for the fiscal year ending March 31, 2024 will be examined carefully upon the progress of the procedures.
On March 12 (local time), Enviva filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Eastern District of Virginia and announced that it would begin legal restructuring procedures. According to Enviva’s announcement, Enviva plans to proceed with its restructuring plan, which includes improving profitability and reducing debt, during the fourth quarter of 2024.
Based on the procurement contract for woody biomass from Enviva, SC holds several long-term supply contracts for Japanese customers. We will closely monitor the progress of Enviva's procedures and discuss with Japanese customers how to treat with procurement from Enviva.
The impact on SC’s consolidated financial results for the fiscal year ending March 31, 2024 will be examined carefully upon the progress of the procedures.
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