News Accounts: Green Diesel Producer KiOR Continues to Struggle

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Researched by Industrial Info Resources (Sugar Land, Texas)--Biofuels producer KiOR Incorporated (NASDAQ:KIOR) (Pasadena, Texas) continues to struggle, according to news media accounts, and has hired an investment bank to sell or restructure the company.

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KiOR uses its proprietary technology to convert biomass, such as wood chips and other materials, into crude oil.

KiOR shut down production at its Columbus, Mississippi plant in December 2013. KiOR recently cut 18 employees, and only 55 out of the original 100 remain at the plant, according to the Mississippi Business Journal, which had also reported that the company hired an investment bank.

KiOR had planned to open a larger plant in Natchez, Mississippi, and expand the Columbus plant, but local officials have said that they could offer the property to another user, according to the Mississippi Business Journal.

KiOR's stock values have fallen by $10 million, and it owes nearly $280 million, including $69.4 million to the state of Mississippi, according to The Clarion-Ledger, a Mississippi newspaper. KiOR has used the Mississippi loan to make scheduled loan payments to other parties. Jeff Rent, a spokesman for the Mississippi Development Authority, said that if the company were to default or file for bankruptcy protection, the state would be the first creditor in line and could seize the plant, according to the newspaper.

The Clarion-Ledger also reported that the Securities and Exchange Commission (SEC) is investigating the company, and that the state of Texas filed two class-action lawsuits, claiming that the company made false and misleading statements about its progress and biofuel production levels.

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