JACKSON, Miss. – Biofuel maker KiOR Inc. has filed for bankruptcy, although its Mississippi subsidiary has not, preserving the chance that its Columbus plant could be sold quickly.
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The company, based in Pasadena, Texas, filed for Chapter 11 bankruptcy protection late Sunday in U.S. Bankruptcy Court in Delaware, where it's incorporated.
KiOR defaulted on a loan from Mississippi last week when it failed to make a $1.8 million debt payment. The state says KiOR Columbus LLC, owned by KiOR, owes $78.6 million.
KiOR estimates its assets are worth between $10 million and $50 million, while its debts are worth between $100 million and $500 million.
Financier Vinod Khosla, whose companies are KiOR's largest creditors and shareholders, proposes that a new company buy KiOR's assets for $16 million, if no higher bidder steps forward.