Andersons: Ethanol JV ELEMENT placed into receivership; expects $85-95M impairment charge

Andersons, Inc.

ELEMENT, LLC (51%-owned JV) placed into receivership on Apr 18, 2023; plant in extended maintenance shutdown.
Operational/market challenges including California LCFS credit shift and high western corn basis led to Feb 2023 debt default.
ELEMENT's debt is non-recourse to Andersons; no impact on long-term EBITDA target.
Expects preliminary non-cash pretax impairment of $85-95M, 51% attributable to company.

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