KiOR borrows $25M; avoids defaulting on loan
Published: April 1,2014
COLUMBUS — Alternative-fuel maker KiOR Inc. has borrowed enough money to keep operating through August.
The Pasadena, Texas, company, which has a $225-million plant in Columbus, had warned last month that it had to raise more money for research and plant improvements.
KiOR, in a stock filing today, said it had completed a deal to borrow $25 million from an entity controlled by Vinod Khosla, its largest shareholder.
The company says it expects to obtain the first $5-million installment Thursday.
KiOR had warned that without the money it would default on nearly $280 million in debt, including $69.4 million it owes to the state of Mississippi.
The company is under investigation by the Securities and Exchange Commission, and has warned it needs to raise more in the long run.
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