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Benson Hill filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

The company plans to pursue a sale of its business, which may involve selling all or part of its assets, while continuing to support its farmers, partners and customers during the process.

In addition to its existing cash reserves, Benson Hill has secured a commitment of approximately $11 million in Debtor-in-Possession (DIP) financing. Subject to court approval, this financing is expected to provide the "necessary liquidity" to maintain operations throughout the Chapter 11 process.

As part of the process, the company has filed several “first-day” motions, which seek customary relief to support its continued operations, including meeting obligations to customers and employees while working to effectuate the sale of its assets.

Dan Jacobi, chairman of the board of directors of Benson Hill, said: “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 optimising 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.”

Last year, Benson Hill sold its Creston, Iowa, soy processing business to White River Soy Processing for $72 million. Meanwhile, in 2023, the company entered into an agreement to divest its Fresh business in a two-part transaction for $21 million.