Bankrupt Soybean Developer’s Creditors Oppose Adviser Retention

Junior creditors of Benson Hill Inc. opposed the troubled agricultural technology company’s request to retain Piper Sandler & Co. as an investment banker, saying the proposed payment structure is unreasonable.

The fees and expenses are “well beyond the range of comparable fees and expenses approved for similar sized transactions in this district,” a committee of unsecured creditors said in a Tuesday objection filed in the US Bankruptcy Court for the District of Delaware.

Benson filed for bankruptcy in March with a lead bid from lenders to take over the company’s assets.

The company’s early April request to hire Piper Sandler ...