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.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Travis retiring as head of Mississippi World Trade Center
- Pearl ordering rental properties to retrofit with sprinklers, build storm shelters
- Court rules board can discipline West Virginia radiologist
- Deer processors need to use caution to insure safe, tasty venison
- Drew Brees settles lawsuit alleging investment fraud
- Winchester lands $50M ammunition contract from Homeland Security
- Legislators begin work on FY2016 state budget
- Biloxi baseball project still alive but may be held for 2015
- Doctor convicted of using phony church for tax shelter