ANDE - The Andersons says ELEMENT placed into receivership to record impairment on it
2023-04-21 16:26:12 ET
-
The Andersons ( NASDAQ: ANDE ), an agribusiness firm, said Friday that ELEMENT - a joint venture with ICM in which the company has a 51% stake - was placed into receivership.
-
ELEMENT was placed into receivership pursuant to the agreed order granting application for appointment of receiver.
-
The ELEMENT ethanol plant in Kansas is under an extended maintenance shutdown at the moment and future operating decisions will be made by the court-appointed receiver, the company said.
-
As a result, the company expects to record a non-cash pretax impairment charge on assets related to ELEMENT of about $85 - $95 million, 51% of which will be attributable to it.
-
The impairment range is preliminary and will be finalized as part of the company's ongoing normal quarterly close process.
-
The impairment not expected to impact the company's previously communicated long-term EBITDA target.
For further details see:
The Andersons says ELEMENT placed into receivership, to record impairment on it