Green Plains Inc. (GPRE) as of March 31, 2026 shows a balance sheet with total assets of $1.59B and total liabilities of $796M, producing book equity of $791M including noncontrolling interests. Under a liquidation lens, recovery to equity is negative and deeply impaired relative to book. The dominant asset is PP&E net at $929M (gross $1.61B, accumulated depreciation $684M); applying a 50-70% recovery haircut yields approximately $464M-$650M. Cash recovers at par ($95.7M unrestricted; $87.4M restricted cash is substantially pledged as collateral and should be treated as encumbered in liquidation). Accounts receivable at $85.9M recovers at 90-95% ($77M-$82M). Inventory of approximately $127M (raw materials $30M, WIP $10M, finished goods $25M, supplies $62M) recovers at 60% or roughly $76M. ROU assets ($65.3M) carry zero recovery; operating lease obligations ($66.5M present value) remain at face value as a liquidation claim. Total debt stands at $492M face value ($69M current, $389M noncurrent long-term debt, $34M short-term borrowings). The Tallgrass CCS debt ($126.9M secured, guaranteed by GPRE parent) is secured against real and personal property of the capture subsidiaries and is senior to equity. The 2027 convertible notes ($60M) and 2030 convertible notes ($200M) are unsecured obligations ranking pari passu with trade creditors in liquidation. Commodity purchase commitments of $270M and storage/transportation commitments of $36.6M do not extinguish on windup and constitute additional claims. Operating lease future undiscounted payments total $73.5M ($66.5M PV). MFFAIS CLV of -$655M, LLV of -$569M, and OLV of -$505M are consistent with the negative recovery math: haircut assets total well below face-value liability stack. The quarter showed a meaningful operational improvement—Q1 2026 net income of $33.5M versus a loss of $72.6M in Q1 2025—driven primarily by $65.6M of Section 45Z production tax credits recorded as a current asset ($105.9M cumulative per GovernmentAssistanceAmountCumulativeCurrent). These credits are transferable and represent a near-cash asset but are subject to regulatory finalization risk under proposed Treasury regulations. The revolver was amended post-quarter to reduce capacity from $350M to $300M and extend maturity to September 2027; this modestly tightens available liquidity. Filing discusses the $126.9M CCS Tallgrass debt extensively in MD&A but the specific Tallgrass obligation does not appear as a separately tagged XBRL line; it is embedded within LongTermDebtNoncurrent.
▼ Community Notes