💥New Chapter 11 Bankruptcy Filing - Benson Hill Inc.💥
Agtech company files to pursue a 363 sale to its proposed DIP lenders.
Sigh.
We’ve got ourselves another one.
On March 20, 2025, St. Louis, Missouri-based Benson Hill Inc. ($BHIL) and eight affiliates (collectively, the “debtors”) filed chapter 11 bankruptcy cases in the District of Delaware (Judge Horan). BHIL is the result of a … hold on … BIG yawn coming … 🥱 … ‘21-vintage deSPAC because, like, of course it was. A publicly-traded company this small and this unknown often reeks of sh*tcoiness and there’s been no bigger producer of sh*tcoiness than the ‘21-era SPAC pipeline.
So what does this particular sh*tco do? Per the first day declaration of interim CEO, Daniel Cosgrove:
“The Company is an ag-tech company on a mission to lead the pace of innovation in soy protein through differentiated and advantaged genetics. Leveraging downstream insights and demand, the Company utilizes its CropOS® technology platform to design and deliver food and feed that’s better from the beginning: more nutritious, and more functional, while enabling efficient production and delivering novel sustainability benefits to food and feed customers.”
Yes, we also read that twice and mumbled to ourselves, “Really, that’s a public company?!” Indeed. IN …
DEED, 🙄.