Bankruptcy: Benson Hill, Inc.

Form Type: SCHEDULE 13D/A

Filing Date: 2025-03-21

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000095017025043448

Filing Summary: On March 18, 2025, S2G Investments, LLC and other parties, referred to as the Lenders, entered into a DIP Facility Commitment Term Sheet with Benson Hill, Inc. This Term Sheet outlines the conditions for a debtor-in-possession loan to be provided to Benson Hill, as part of a bankruptcy proceeding under the Chapter 11 of the Bankruptcy Code. The loan is intended to cover costs associated with a sale process under section 363 of the Bankruptcy Code and to support ongoing operations until the completion of the sale. The financing will be secured by a first-priority lien on all Company assets, granting Lenders the right of first refusal to bid for substantially all assets of Benson Hill. The Lenders may opt to cash out a portion of the DIP Facility or convert it to equity in a newly formed entity that will hold the acquired assets. Additionally, S2G holds a total of 332,335 shares of common stock, representing 5.4% of the company's outstanding shares as reported on November 7, 2024.

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Form Type: NT 10-K

Filing Date: 2025-03-18

Corporate Action: Bankruptcy

Type: New

Accession Number: 000183021025000012

Filing Summary: Benson Hill, Inc. has filed a Notification on Form 12b-25 regarding its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The company has been unable to file the report on time due to liquidity issues and insufficient financial resources to pursue its long-term strategy. In light of these challenges, the company is contemplating potential actions, including filing for bankruptcy protection to reorganize, or court-supervised sale or liquidation of its assets. The filing indicates that the company is actively considering ways to protect its intellectual property and remaining financial resources, amid significant expected changes in its operational results due to prior divestitures, reduced operating expenses, and potential impairments. This heavily anticipated financial restructuring process reflects the gravity of the company's current situation.

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