KiOR receives 4-month extension on Mississippi debt

July 7, 2014 |

In Mississippi, KiOR has been granted another four months to raise money and resume repaying its $69.4 million debt to the state rather than be forced into bankruptcy with Mississippi seizing its Columbus refinery. The state negotiated a short-term forbearance agreement with KiOR under which the company will pay Mississippi $250,000, and the state will agree not to press its claims for 120 days, Mississippi Development Authority spokesman Jeff Rent said in a statement he emailed to The Associated Press on Thursday. Rent says the $250,000 is in addition to what KiOR already owes the state.
The company owed Mississippi a nearly $1.9 million payment June 30 on what was originally a $75 million, no-interest loan. KiOR said if it defaults, it could face demands from other lenders to immediately repay the entire $287 million that it owes.

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