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. Investment bank Guggenheim Partners was hired by KiOR, based in Pasadena, Texas, to seek a buyer or new investors.
“Without additional financing the company will be unable to fund its operations and meets its obligations past approximately September 30, 2014,” KiOR stated in a Monday stock filing.
KiOR said it lost $24.4 million, or 22 cents per share, in the three months that ended June 30. That’s down from a loss of $38.5 million in the same three months of 2013, or 36 cents per share, as the company cut expenses.