Tag: KiOR

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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KiOR has till Wednesday to pay Mississippi $1.9 million loan payment

KiOR has till Wednesday to pay Mississippi $1.9 million loan payment

November 3, 2014 |

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 […]

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KiOR’s problems get worse as former board member blows whistle

KiOR’s problems get worse as former board member blows whistle

October 9, 2014 |

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 […]

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Bitter KiOR dispute boils over online, as six new documents surface

Bitter KiOR dispute boils over online, as six new documents surface

September 9, 2014 |

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 […]

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KIOR — The August 31 2014 O’Connor resignation letter

KIOR — The August 31 2014 O’Connor resignation letter

September 9, 2014 |

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 […]

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