KiOR retains investment bank to explore sale or restructuring
Published: July 10,2014
COLUMBUS — 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 yesterday 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.
One Response to “KiOR retains investment bank to explore sale or restructuring”
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- White House hotel making comeback in Biloxi
- Supreme Court deals blow to McDaniel's election challenge
- Guns OK inside Mississippi polling places, attorney general says
- McCarthy hired as CFO of Mississippi Development Authority
- State GOP chairman calls on McDaniel to hurry with challenge
- Three indicted, alleged to have embezzled from agency
- Baseball stadium for Farish Street? It’s possible
- Bryant protests immigrant children being housed in state
- Gunn, Reeves introduce performance-based budget plan