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 Columbus plant. The Mississippi Development Authority says it has signed a confidentiality agreement, a sign that someone may have serious interest in a purchase.
Movement to collect on the loan could force KiOR into bankruptcy and entangle the plant in litigation, delaying any sale.
Mississippi had warned KiOR that it could demand immediate repayment of the entire $69.4 million owed, plus $8 million interest, if the company didn’t make the loan payment.
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