Tag: KiOR

US Bankruptcy Court OKs KiOR Chapter 11 $29 million exit facility

US Bankruptcy Court OKs KiOR Chapter 11 $29 million exit facility

June 9, 2015 |

In Delaware, a US Bankruptcy Court judge has ruled just a day after finding that KiOR’s bankruptcy plan had too many milestones attached to its $29 million exit facility to go ahead, that the new Chapter 11 plan without said milestones is just fine. The Mississippi Development Authority was pushing to get the Chapter 11 […]

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Bankruptcy hearings continue in KiOR case this week

Bankruptcy hearings continue in KiOR case this week

June 8, 2015 |

In Delaware, hearings resume this week in the US Bankruptcy Court in Wilmington for KiOR’s bankruptcy case where the Mississippi Development Authority is trying to keep the company’s bankruptcy restructuring plan from getting approved. The MDA wants the company to be converted to Chapter 7 from Chapter 11.

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Trustee doesn’t believe KiOR will have enough money to be viable post Chapter 11

Trustee doesn’t believe KiOR will have enough money to be viable post Chapter 11

May 27, 2015 |

In Delaware, Acting U.S. Trustee Andrew Vara says KiOR shouldn’t be allowed it implement its bankruptcy reorganization plan to leave Chapter 11, saying it won’t have enough money to be a viable business. According to the plan, the company will have $30 million in exit financing with about $7 million going to creditors and $10 […]

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County judge appoints local lawyer as KiOR Columbus plant receiver

County judge appoints local lawyer as KiOR Columbus plant receiver

January 28, 2015 |

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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US Bankruptcy judge gives OK to KiOR’s $15 million debtor-in-possession plan

US Bankruptcy judge gives OK to KiOR’s $15 million debtor-in-possession plan

January 19, 2015 |

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.

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Mississippi sues Khosla and others for fraud, negligence and conspiracy

Mississippi sues Khosla and others for fraud, negligence and conspiracy

January 15, 2015 |

In Mississippi, the KiOR saga continues where the state has sued Vinod Khosla and others for fraud, negligence and conspiracy, alleging that he and others knew that the technology has poor chances of success but tricked the state into lending it $75 million. The state says the company gave different yield estimates than what internal […]

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KiOR cancels bankruptcy auction while slamming MDA for playing rough

KiOR cancels bankruptcy auction while slamming MDA for playing rough

January 12, 2015 |

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 […]

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Mississippi Development Authority trying to force KiOR into liquidation

Mississippi Development Authority trying to force KiOR into liquidation

January 8, 2015 |

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 […]

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KiOR seeks Chapter 11 reorganization after asset bid received

KiOR seeks Chapter 11 reorganization after asset bid received

November 11, 2014 |

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 […]

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Mississippi ready to call in KiOR’s entire loan and interest if deadline missed

Mississippi ready to call in KiOR’s entire loan and interest if deadline missed

November 4, 2014 |

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 […]

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