Benson Hill Files Voluntary Petitions For Relief Under Chapter 11 Of Title 11 Of The U.S. Bankruptcy Code; Intends To Pursue A Sale Of Its Business Under Section 363 Of The Bankruptcy Code, Including A Sale Of All Or A Portion Of The Co's Assets

Author: Benzinga Newsdesk | March 20, 2025 09:06am

• Debtor-in-Possession Financing Secured to Support Ongoing Operations and Chapter 11 Process.
• Company Filed a Variety of First-Day Motions, Subject to Court Approval.

Benson Hill, Inc. (NASDAQ:BHIL, "Benson Hill"))), a seed innovation company, today announced that it and its subsidiaries (collectively, the "Company") filed voluntary petitions for relief under Chapter 11 of Title 11 of the U.S. Bankruptcy Code ("Chapter 11") in the United States Bankruptcy Court for the District of Delaware (the "Court"). The Company further disclosed that it intends to pursue a sale of its business under Section 363 of the Bankruptcy Code, including a sale of all or a portion of the Company's assets, while continuing to support its farmers, partners, and customers during the Chapter 11 process.

To facilitate this process, in addition to having the use of its existing cash reserves, the Company has received a commitment of approximately $11 million in Debtor-in-Possession financing. Following Court approval, the Company expects this financing to provide the necessary liquidity to support operations throughout the Chapter 11 process.

The Company has filed a variety of "first-day" motions containing customary relief intended to support the Company's ability to continue its ordinary course of operations, such as continuing to service its customers and honor its obligations to its remaining employees, as the Company begins its efforts to effectuate the sale of its assets.

Posted In: BHIL