ST. LOUIS — Benson Hill, Inc., a soybean seed innovation company, on March 25 received approval for its “first-day” motions from the US Bankruptcy Court for the District of Delaware. The St. Louis-based company filed for Chapter 11 bankruptcy on March 20.

“These approvals give us the opportunity to maintain momentum while we take the necessary steps to restructure our financial foundation,” said Dan Cosgrove, interim chief executive officer of Benson Hill.

The court’s orders allow the company and its affiliated debtors to continue day-to-day operations with minimal disruption. The operations include access of up to $11 million debtor-in-possession (DIP) financing from existing lenders that will support payroll, vendor payments and other critical operating expenses; the ability to pay employee wages and benefits; the ability to honor pre-petition obligations to key business partners; the permission to maintain existing cash management systems, bank accounts and routine business operations; and the legal authorization for DIP lenders to credit bid for assets, along with other customary protections in the event of default.

A final hearing to consider approval of the full DIP financing and vendor-related motions is scheduled for April 16.