A Benson Hill prominent seed innovation company, along with its subsidiaries (collectively referred to as the “Company”), has voluntarily filed for relief under Chapter 11 of Title 11 of the U.S. Bankruptcy Code (“Chapter 11”). The filing was made in the United States Bankruptcy Court for the District of Delaware (the “Court”). In its official statement, the Company revealed its intention to pursue a sale of its business under Section 363 of the Bankruptcy Code. This process may involve selling either all or a portion of the Company’s assets while ensuring continued support for farmers, partners, and customers throughout the Chapter 11 proceedings.
To facilitate this restructuring and transition, the Company has secured a commitment of approximately $11 million in Debtor-in-Possession (DIP) financing, which, upon Court approval, is expected to provide the liquidity necessary to maintain operations during the bankruptcy process. This financial support will enable the Company to uphold its commitments, sustain business functions, and continue serving stakeholders effectively.
In conjunction with the filing, the Company has also submitted various “first-day” motions requesting customary relief. These motions are designed to help ensure business continuity by allowing the Company to maintain normal operations, service customers, and fulfill obligations to its remaining employees. The motions align with the Company’s broader strategy of minimizing disruptions and preserving the value of its enterprise while undergoing the sale process.
The decision to file for Chapter 11 follows significant efforts by the Company to navigate the evolving challenges within the seed and agriculture industry. The Company has been recognized for its innovative advancements in seed technology, particularly in the development of soybeans with enhanced compositional traits. These innovations have provided greater value to end users while also delivering more sustainable solutions for growers. Despite these achievements, the Company has encountered persistent financial and operational challenges that have led to its current restructuring efforts.
Dan Jacobi, Chairman of the Board of Directors of the Company, elaborated on the situation, stating, “Benson Hill has made significant strides in advancing our seed innovation portfolio by developing soybeans with enhanced compositional traits that deliver value creation for end users and improved sustainable solutions for growers. We have worked diligently to transform our business, including reducing costs, divesting assets, retiring debt, and optimizing our operations by transitioning to a licensing model. Despite our efforts, a combination of industry challenges and financial constraints has led the Board to determine that a process under Chapter 11 is the best path forward.”
The Company’s financial difficulties have been compounded by broader industry challenges, including supply chain disruptions, fluctuating commodity prices, and increased competition within the seed technology sector. These factors have contributed to a challenging operating environment, making it increasingly difficult for the Company to sustain profitability and liquidity. The Company has engaged in a series of strategic initiatives in an attempt to stabilize its financial position, including cost reduction measures, asset divestitures, and debt restructuring. However, these actions have not been sufficient to offset the financial pressures it faces.
The Chapter 11 process will provide the Company with an opportunity to restructure its operations, streamline its business model, and identify a suitable buyer or strategic partner to ensure the continuity of its innovative seed technology offerings. The Company’s leadership remains committed to supporting its stakeholders, including employees, farmers, and business partners, throughout the transition. Maintaining business operations during this period is a key priority, and the Company intends to take all necessary steps to minimize disruptions.
Benson Hill Voluntarily Files for Chapter 11 Bankruptcy
The sale of assets under Section 363 of the Bankruptcy Code allows the Company to attract potential buyers who may be interested in acquiring its proprietary seed technology, research capabilities, and market relationships. The Court-supervised process ensures transparency and fairness in the bidding and sale proceedings, allowing for a competitive environment that maximizes the value of the Company’s assets.
The Company has retained the services of Faegre Drinker Biddle & Reath LLP as its legal counsel and Piper Sandler & Co. as its investment banker to guide it through the Chapter 11 process. These advisors will play a critical role in facilitating negotiations, evaluating strategic alternatives, and executing the asset sale process in accordance with legal and financial best practices.
For stakeholders seeking more information about the Chapter 11 case, including court filings and procedural updates, details are available on a website maintained by the Company’s claims agent, Stretto, Inc. at This online resource will provide timely updates and access to key documents related to the bankruptcy proceedings.
While the Chapter 11 filing marks a significant transition for the Company, its leadership remains optimistic about the potential for a successful restructuring and sale process. The seed technology sector continues to evolve, and the Company believes that its innovative portfolio can continue to provide value under new ownership or through a strategic partnership. The goal is to emerge from this process with a stronger, more sustainable business model that continues to drive agricultural innovation and deliver benefits to growers and consumers alike.
As the bankruptcy proceedings unfold, the Company will continue to work closely with the Court, creditors, and potential buyers to navigate the restructuring process efficiently. It remains committed to transparency and will provide updates to stakeholders as key developments occur. In the meantime, its focus remains on maintaining operations, supporting its employees, and ensuring that customers receive the high-quality seed solutions they have come to expect.
