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Tag Archives: KIOR

KiOR could owe state entire $69.4M debt plus interest

COLUMBUS — Mississippi has warned biofuel maker KiOR that it could demand immediate repayment of the company’s entire $69.4 million debt to the state, plus $8 million in interest, if the company doesn’t make its loan payment before a grace period runs out. Marlo Dorsey, a spokeswoman for the Mississippi Development Authority, said the state sent the letter yesterday. “Due ...

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Deadline passes and state receives no payment from KiOR

COLUMBUS — Mississippi officials say they didn’t get any money from faltering biofuel firm KiOR on Friday, the deadline for the company to make a $1.9 million debt payment. KiOR, based in Pasadena, Texas, has a grace period of three business days to make the payment, so it wouldn’t officially break its agreement until midnight Wednesday. A spokeswoman for KiOR ...

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KiOR denies ex-director's claims of problems with company's technology

COLUMBUS — A former director of biofuel maker KiOR says he tried to warn other board members about problems with KiOR’s technology to turn wood chips into an oil substitute, claims that could damage the company’s defense in shareholder lawsuits and a Securities and Exchange Commission investigation. KiOR denies Paul O’Connor’s claims, saying he was asked to leave the board ...

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KiOR: Money will run out next of money month, bankruptcy possible

COLUMBUS — Struggling biofuel firm KiOR says in a financial filing that it will run out of money by September and that bankruptcy could follow. The company, which built a refinery in Columbus to turn wood chips into synthetic oil, owes Mississippi $69.4 million. The Mississippi Development Authority has agreed to delay payments until the end of October to give ...

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KiOR retains investment bank to explore sale or restructuring

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 ...

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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 ...

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Biofuel manufacturer KiOR begins layoffs at Columbus plant

COLUMBUS — Biofuel maker KiOR is laying off employees as it idles its Mississippi refinery, intensifying questions about the future of the cash-strapped company. The company said yesterday that it has cut 18 employees. KiOR, based in Pasadena, Texas, said 55 employees remain at the Columbus plant. “Given the company’s limited cash flow, we do anticipate additional layoffs as we ...

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KiOR shutting down production at Columbus plant

COLUMBUS — KiOR has halted production at its Columbus plant in December to make improvements and has no plans to resume production during the first quarter of 2014. The company operates a plant in Columbus and plans to open a larger one in Natchez. The legislature approved $75 million in interest-free loans to Kior in a 2010 special session. The ...

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