Benson Hill Inc., a cutting-edge agricultural technology firm, has filed for Chapter 11 bankruptcy protection in Delaware federal court, citing $110.7 million in debt and plans to sell its assets to stay afloat. The St. Louis-based company, known for its high-protein soybean innovations, listed $137.5 million in assets, with tech giant Alphabet Inc., Google’s parent company, among its top shareholders.
The Road to Bankruptcy
In its bankruptcy filing, Benson Hill revealed it has secured $11 million in debtor-in-possession (DIP) financing, ensuring continued operations while it seeks a buyer. The move marks a pivotal moment for the company, once heralded as a revolutionary force in agricultural biotech.
From Innovation to Insolvency
Benson Hill positioned itself as a leader in seed technology, focusing on ultra-high protein soybeans designed to improve sustainability and efficiency for farmers and food producers. The company had worked to bolster its position by divesting assets and paying down debt, but mounting financial pressures proved too formidable.
A Tumultuous Financial History
The company’s financial troubles stand in stark contrast to its prior fundraising successes. In October 2020, Benson Hill secured $150 million in Series D funding, backed by Wheatsheaf Group and GV (Google Ventures). However, the company has struggled to maintain profitability. According to an SEC filing, Benson Hill reported $34.1 million in revenue for the three months ending September 30, 2024, alongside a net loss of $22.9 million attributable to shareholders.
Legal and Court Proceedings
The bankruptcy case has been assigned to U.S. Bankruptcy Judge Thomas M. Horan.
