This March, Vinson & Elkins visited the U.S. Bankruptcy Court for the Eastern District of Virginia (EDVA) to restructure Enviva, a Maryland-based wood pellet manufacturer. Enviva’s case involved a significant connection to another Vinson & Elkins client, with Enviva being 43% owned by Riverstone Investment Group LLC, a private equity firm that the law firm represented extensively in 2023. According to subsequent disclosures in bankruptcy court, Vinson & Elkins billed Riverstone $14 million that year for matters unrelated to Enviva.
Despite EDVA’s historical popularity as a bankruptcy jurisdiction, this instance marked a notable shift. One Am Law 100 bankruptcy partner observed, “That was the last time anyone files in EDVA.” It appears that the once-favorable venue is no longer the go-to choice for Big Law bankruptcy practices.
For further details on the dynamics affecting this venue, you can find more information here.