In Mississippi, a Jackson lawyer was appointed by a Lowndes County judge as receiver of the KiOR Columbus plant at the request of Vinod Khosla. The receiver will be paid by the Mississippi Development Authority and will be in place until Aug. 1.
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In Delaware, a judge at the U.S. Bankruptcy Court in Wilmington has approved KiOR’s $15 million debtor-in-possession financing facility despite objections by the Mississippi Development Authority. The MDA has been trying to convince the court that the company should not get Chapter 11 bankruptcy protection but instead Chapter 7 liquidation.
In Delaware, KiOR says it canceled its bankruptcy auction set for last Friday because it received no qualified bids other than the $16 million debt-for-equity swap that senior lenders put forward included in its Chapter 11 plan. The company and those owned by majority shareholder Vinod Khosla say the Mississippi Development Agency is pursuing aggressive […]
In Mississippi, the Mississippi Development Authority is displeased with KiOR’s plans to sell the rest of the company back to Vinod Khosla as part of its Chapter 11 restructuring, saying the move allows the original owners to keep the value while dumping the debt. The agency has told the bankruptcy court in Wilmington, DE that […]
In Texas, KiOR announced that as part of its refocus on research and development, it has accepted a bid for substantially all of its assets from certain affiliates of Vinod Khosla that have been providing and will continue to provide senior secured financing to the Company. The Company has also filed for relief under Chapter […]
In Mississippi, the state is playing tough with KiOR, saying that if the Wednesday midnight deadline is missed for a $1.9 million loan payment that was due last Friday, it will accelerate the payment of loan so that the entire remaining principle of $69.4 million along with $8 million in interest become due immediately. If […]
In Mississippi, KiOR missed the deadline for a $1.9 million loan payment to the state but has a three-day grace period until Wednesday to make good, or it could risk forfeiting the plant in Columbus to the state. A total of $69.4 million is still owed on the $75 million no-interest loan provided by the […]
In Mississippi, KiOR is neck-deep in two federal shareholder lawsuits as well as is under investigation for two similar suits by the SEC while trying to secure funding via Guggenheim Partners in order to pay its no-interest loan payment to the state by the end of October, and now a former board member—cum CTO—cum consultant […]
6 new documents surface in SEC filings, tracing more background in the stormy battle between KiOR and former company director Paul O’Connor. O’Connor called for entire management team to resign. Pointed to troubles in R&D back in 2012. “I cannot just stand back and watch,” he writes in 2013. In today’s Digest, we publish a series […]
In today’s Digest, we publish a series of six documents that were filed in the past week with the SEC, relating to KiOR, and a growing dispute between the company’s Board — and an individual director, Paul O’Connor. It is important to note KiOR’s response: “The Company intends to continue to vigorously respond to allegations […]