KiOR hires investment bank to explore sale
JACKSON, Mississippi — Struggling biofuel maker KiOR, deeply in debt to the state of Mississippi and others, says it has hired an investment bank to try to sell or restructure the company.
KiOR, based in Pasadena, Texas, announced it had hired Guggenheim Partners in a Wednesday stock filing.
KiOR’s cash level is unclear, but the company borrowed $250,000 on July 3 from KFT Trust, controlled by backer Vinod Khosla. The same day, KiOR agreed to pay $250,000 to the Mississippi Development Authority. In return, MDA allowed KiOR to delay a $1.9 million payment on KiOR’s $69.4 million debt to the state.
It’s unclear if Khosla is willing to lend more. In the same filing, KiOR says a $25 million line of credit with KFT Trust has been cut to $10 million already borrowed.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Half century of memories — Christmas on Deer Creek to celebrate 50th anniversary
- Analyst: KiOR Columbus plant may end up sold as scrap
- Prison-contract task force working in wake of Epps' indictment
- (UPDATE) Gov. Bryant: $1.2 billion aluminum plant is a very exciting proposition for the state of Mississippi
- Investigators find massive Ag Museum fire was an accident
- Bryant wants free tuition for students with technical diploma
- Prescott leads field for Conerly Trophy as state's best football player
- BILL CRAWFORD: Bryant’s tax cut won’t stop spending growth
- County to ask if it can use unspent hurricane recovery money