By Adriano Marchese
Benson Hill said it plans to sell all or part of the business after filing for bankruptcy.
The agri-tech company said Thursday that it has filed voluntary petitions for relief under Chapter 11 of the bankruptcy code in the U.S.
The company plans sell the business in its entirety or in parts.
Benson Hill said it has received a commitment of around $11 million in debtor-in-possession financing while it continues to support its customers during the bankruptcy process, it said.
Dan Jacobi, the company's chairman, said that the company had worked to transform the business by reducing costs, divesting assets, retiring debt and optimizing its operations.
"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," Jacobi said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 20, 2025 09:21 ET (13:21 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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