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KiOR facing potential bankruptcy

August 13, 2014, Columbus, Miss. – Cellulosic ethanol manufacturer KiOR is facing potential bankruptcy as the company announces that it needs new capital to stay in operation beyond September.


August 13, 2014
By Canadian Biomass

August 13, 2014, Columbus, Miss. – Cellulosic ethanol manufacturer
KiOR is facing potential bankruptcy as the company announces that it needs new
capital to stay in operation beyond September.

 

According to a report from The Associated Press, the company
currently owes the State of Mississippi $68 million. The State has agreed to
defer payment until the end of October to give KiOR time to look for additional
investors or to sell the company.

 

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In its stock filing provided on Monday, the company says
that it only has enough cash on hand to operate until sometime around September
30th. The company reported a loss of $24.4 million in the quarter
ending June 30th.

 

Production at the company’s plant in Columbus, which uses
woody biomass to produce cellulosic ethanol, has been shut down since January
of this year.


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