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Tag Archives: KIOR

Haley Barbour: Kemper plant will rival Grand Gulf’s performance

By JACK WEATHERLY  Former Gov. Haley Barbour predicts that Mississippi Power Co.’s Kemper County coal-powered plant will in the long run rival the performance of Entergy’s Grand Gulf nuclear plant in Port Gibson. “Grand Gulf took more than twice as long to build and cost more than twice as much [as originally planned].  And after it went online it initially caused ...

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ASA postmortem: industrial recruiting is a constant cycle of death and life

By JACK WEATHERLY  Raising $1.2 billion for an industrial project can be a daunting task, if not a deal killer. For economic developers in Mississippi, American Specialty Alloys’ protracted and secretive efforts in that regard became an issue that ultimately sent the project south to Pineville, La. American Specialty started out last year with a show of force that augured well ...

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Judge names receiver for KiOR plant, but tax payment unclear

JACKSON — A Lowndes County judge has appointed a receiver to watch over KiOR’s Columbus biofuel refinery, as owners and creditors seek a buyer. Chancery Judge Kenneth Burns on Monday named Derek Henderson, a Jackson lawyer who serves as a trustee in bankruptcy cases, as the receiver for the plant. The move came at the request of KiOR financier Vinod ...

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Mississippi files fraud lawsuit against Khosla over KiOR failure

JACKSON — The state of Mississippi has sued billionaire Vinod Khosla and others, saying they knew long ago that bankrupt biofuel firm KiOR had poor prospects for success, but misled the state into loaning the company $75 million. The lawsuit, filed Tuesday in Hinds County Circuit Court, alleges Khosla and others engaged in fraud, negligence and conspiracy to hide the ...

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Khosla seeks KiOR plant receiver, says Miss. ran off buyer

JACKSON — KiOR financier Vinod Khosla is asking a Mississippi state court judge to name a receiver for the company’s Columbus plant, at the same time that he’s accusing the state of scaring off a potential buyer for the shuttered biofuel refinery. Companies controlled by Khosla filed the motion Friday in Lowndes County Chancery Court, another escalation in a fight ...

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KiOR says Miss. seeks to destroy it in court ploy

JACKSON — Bankrupt biofuel maker KiOR and controlling shareholder Vinod Khosla say the state of Mississippi is using legal tactics in an attempt to squeeze money from the company. KiOR, based in Pasadena, Texas, fired back Thursday at the Mississippi Development Authority’s December call to convert KiOR’s case from Chapter 11 reorganization into Chapter 7 liquidation. “The motion reflects a ...

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Mississippi tries to force KiOR into liquidation

JACKSON — The state of Mississippi is trying to force biofuel maker KiOR into liquidation. The company filed for Chapter 11 reorganization last year, with plans for controlling shareholder and financier Vinod Khosla to buy what’s left of the company. But the Mississippi Development Authority says that’s an inappropriate attempt to dump debt while allowing the original owners to keep ...

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Analyst: KiOR Columbus plant may end up sold as scrap

By Jack weatherly jack.weatherly@msbusiness.com   Finding a buyer for the idled KiOR biofuels plant at Columbus would be a tough sell, according to Pavel Molchanov, an equity analyst who had covered Pasadena, Texas-based KiOR Inc. until it filed for bankruptcy protection on Nov. 9. The state will be fortunate to recoup 10 percent to 15 percent of the $69.4 million ...

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KiOR misses debt payment, Miss. doesn't foreclose

JACKSON — Biofuel maker KiOR has missed its deadline for a $1.8 million loan payment to the state of Mississippi at midnight Wednesday, but instead of legal action, what has immediately followed is waiting. The state has not moved to foreclose, and the Pasadena, Texas, company has not declared bankruptcy. The wait could mean a buyer is near for the ...

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