ST. LOUIS – Benson Hill, Inc., a company focused on soybean seed innovation, has filed Chapter 11 bankruptcy in the US Bankruptcy Court for the District of Delaware. A sale of the business will be pursued.

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

Benson Hill has received a commitment of about $11 million of debtor-in-possession financing. After court approval, the company expects the financing will provide the liquidity to support operations through the Chapter 11 process. “First-day” motions also were filed. They contain customary relief intended to support the company’s ability to continue its ordinary course of operations, such as by servicing its customers and honoring its obligations to employees. Bankruptcy court filings showed Benson Hill had estimated assets of $100 million to $500 million as well as estimated liabilities of $100 million to $500 million. The estimated number of creditors was between 200 and 300.

Financial problems impacted the company in recent years. The New York Stock Exchange in September of 2023 notified Benson Hill it was not in compliance with continued listing standards because the company’s stock price had fallen below $1 per share for a consecutive 30-day trading period. Benson Hill in October of 2023 sold its soybean crush facility in Seymour, Ind., to White River Soy Processing, LLC, Grand Island, Neb., for about $36 million and in February 2024 sold its soy processing plant in Creston, Iowa, to White River Soy Processing for $72 million. In fiscal year 2023, net loss from continuing operations was $111 million. Through the first three quarters of the 2024 fiscal year, net loss from continuing operations was $66 million.