Answer from Randy Alcorn:
Bara is used of man’s creation, which is not ex nihilo but out of the earth (Gen. 1:26, 5:1, etc.). So the word is NOT restricted to making something out of nothing (as is often stated), but includes making something out of what already exists. Just because it was used as ex nihilo the first time, in Genesis 1:1, does not require that meaning to be read in to subsequent passages. Context, not any inherent limitation of the word bara, is the key.
Another example: bara is used in Isaiah 41:19-20 in reference to God creating pine, myrtle and olive trees, etc., and it’s a present tense reference. This means God says he “bara”ed trees which actually came from the ground, from seeds, etc. Clearly He is not saying he created those trees from nothing. In fact, even the first trees, in Genesis 1, he brought out of the ground, which preexisted them.
Hebrew and Greek words are very elastic and potential meanings are considerable, just as they are in English. The context usually shows these meanings. What bara always means is “created” or “made” and sometimes that means created out of nothing and other times it means made out of what already exists. So I don’t think it is inconsistent to believe both that God created the original universe out of nothing, and that he will make or remake the new earth out of components that already exist from his original creation (no matter to what degree those components have been reduced through the destruction described in 2 Peter 3).