Benson Hill (BHIL) filed for Chapter 11 bankruptcy protection from creditors during a reorganization Thursday in the US Bankruptcy Court for the District of Delaware.
The seed innovation company said it plans to pursue a sale of its business, including a sale of its assets, under the reorganization protection.
The company said in addition to cash reserves, it has received a commitment of around $11 million in debtor-in-possession financing, allowing it liquidity to continue operations throughout the process, once approved by the court.
The company also said it has filed a number of first-day motions to allow it to continue providing services to customers and honoring the obligations to its remaining employees during the process.
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