Vinod Khosla-backed KiOR Files For Bankruptcy

KiOR Inc. has filed for bankruptcy and plans to sell its assets to affiliates of billionaire backer Vinod Khosla. The biofuels maker's stock has been delisted from Nasdaq, and the company said in a statement late Sunday it "does not anticipate any recovery for KiOR common shareholders" as part of the bankruptcy proceedings. KiOR last traded at 4 cents. The stock traded as high as $2.78 in the past 12 months. In April, Khosla's trust lent KiOR $25 million to stay afloat, and Khosla's venture company is KiOR's largest shareholder, according to FactSet. Khosla is the co-founder of Sun Microsystems.