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”
Top Posts & Pages
- Half century of memories — Christmas on Deer Creek to celebrate 50th anniversary
- Prison-contract task force working in wake of Epps' indictment
- Bryant wants free tuition for students with technical diploma
- (UPDATE) Gov. Bryant: $1.2 billion aluminum plant is a very exciting proposition for the state of Mississippi
- Prescott leads field for Conerly Trophy as state's best football player
- Analyst: KiOR Columbus plant may end up sold as scrap
- BILL CRAWFORD: Bryant’s tax cut won’t stop spending growth
- UM Chancellor Jones: Lymphoma treatment going well
- WILLOUGHBY: Bernie Reed cites hard work as key to success of Reed’s Metals