2023-04-21 16:26:12 ET
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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.
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ELEMENT was placed into receivership pursuant to the agreed order granting application for appointment of receiver.
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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.
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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.
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The impairment range is preliminary and will be finalized as part of the company's ongoing normal quarterly close process.
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The impairment not expected to impact the company's previously communicated long-term EBITDA target.
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The Andersons says ELEMENT placed into receivership, to record impairment on it