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Tag Archives: Mississippi Development Authority

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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MDA’s Christensen forecasts economic growth momentum continuing in 2015

Mississippi Development Authority Executive Director Brent Christensen foresees 2015 being a year when the state builds upon the strengthening economic activity of both the state and the nation in the past year. “As the national economy continues to rebound and strengthen, that momentum will continue to carry over,” Christensen said. “Companies are increasingly seeking new locations to expand as a ...

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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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Airport Authority says taxiway project makes military training safer

GULFPORT — The completion of the Gulfport-Biloxi International Airport Taxiway B widening project will make the military apron more accessible for larger aircraft, according to the Gulfport-Biloxi Regional Airport Authority. The $3-million project improves safety by strengthening and widening the taxiway pavement for enhanced military operations making the Gulfport Combat Readiness Training Center (CRTC) more competitive for increased military activities ...

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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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Villa International sites RV furniture factory in Belmont

BELMONT — A California company will open a recreational vehicle furniture factory in northeast Mississippi, with plans to hire 75 employees over five years. Villa International, based in Cerritos, California, will invest $250,000 to expand into Tishomingo County. It will pay an average annual salary of $35,360. The Mississippi Development Authority will loan Tishomingo County $507,000 to purchase the former ...

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Mars Food expanding Delta plant; investing $31M and adding jobs

GREENVILLE — Mars Food, which makes Uncle Ben’s Rice and other products at its Greenville plant, will invest $31 million to modernize operations and expand research at the plant. The company plans to add 25 jobs to the current 226 full-time and 230 contract workers at the 35-year-old operation. New production workers are expected to make $31,000 a year, while ...

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