Categorized | Business news, Energy, National

AP: Biofuel maker KiOR may be looking at bankruptcy

From the Associated PressKior logo.
Struggling biofuel firm KiOR says in a financial filing that it will run out of money by September and that bankruptcy could follow.
The company, which built a refinery in Columbus to turn wood chips into synthetic oil, owes Mississippi $69.4 million.
The Mississippi Development Authority has agreed to delay payments until the end of October to give KiOR time to raise new money or sell the company. 
KiOR said Monday it lost $24.4 million, or 22 cents per share, in the three months ended June 30. That’s down from a loss of $38.5 million, or 36 cents per share, as the company cut expenses.
Based in Pasadena, Texas, KiOR told Mississippi recently that it plans to lay off another 15 employees in Columbus by the end of this week.

 

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