Nov. 10, 2014, 10:30 AM
- KiOR (KIOR -52.8%) disclosed over the weekend it filed for Chapter 11 bankruptcy protection while accepting a bid for its assets from affiliates of financier Vinod Khosla.
- Its non-operational production facility in Columbus, Miss., is not included in the filing, preserving the chance that the plant could be sold quickly.
- KiOR defaulted on a loan from Mississippi last week when it failed to make a $1.8M debt payment.
Sep. 11, 2014, 3:48 PM
- Pacific Ethanol (PEIX -7%) and other U.S. ethanol producers are sharply lower, apparently on fears that the industry in America could be hit by a surge of Brazilian imports.
- Brazil yesterday approved a tax credit for domestic ethanol exporters, which the government believes will help its domestic exporters "because it cheapens the Brazilian export and pays a devaluation of the exchange rate," the country's finance minister says.
- Ethanol demand has fallen in Brazil in recent years, with only 25% of flex-fuel cars there using ethanol in 2013 vs. 82% in 2009, according to Bloomberg.
- U.S. ethanol makers already have been pressured by the EPA's proposals to cut the amount of biofuels that refiners will be required to blend into gasoline, and moves by California regulators that have given Brazilian sugar ethanol a better greenhouse gas rating than corn-based ethanol produced in the U.S.
- Also: GPRE -4.4%, REX -6.7%, KIOR -8.8%.
Jul. 10, 2014, 4:51 PM
- Biofuel maker KiOR (KIOR), deeply in debt to the state of Mississippi and others, has hired Guggenheim Partners to try to sell or restructure the company by Oct. 31 - the same time KiOR’s forbearance agreement with Mississippi runs out (8-K).
- KiOR paid $250K to the Mississippi Development Authority on July 3 under the agreement, and MDA allowed KiOR to delay a $1.9M payment on KiOR’s $69.4M debt to the state.
- KiOR’s cash level is unclear, but it borrowed $250K on July 3 - the same day it paid $250K to Mississippi - from KFT Trust, controlled by billionaire backer Vinod Khosla, who has kept the company afloat more than once.
May 23, 2014, 10:19 AM
- KiOR (KIOR +35.5%) rallies following a filing updating its senior secured promissory note and warrant purchase agreement.
- The 2014 note purchase agreement contemplates multiple tranches of financing of up to $25M: The initial tranche closed April 3 and consisted of the purchase by KFT Trust of $5M of senior secured notes in exchange for a like amount of cash, and the second tranche, which closed May 22, consisted of an identical $5M purchase by KFT.
- In connection with the second tranche closing, KiOR issued to KFT a 2014 Warrant to purchase 872.6K common shares at $0.573 each.
May 7, 2014, 11:36 AM
- Amyris (AMRS -7.1%) falls sharply for a second straight day after StreetSweeper writes that the maker of renewable fuel compounds faces rough times ahead, citing "onerous deals, SEC filings and extreme insider selling."
- The pessimistic view comes ahead of Thursday's earnings report after the company reported worse-than-expected earnings numbers over each of the past five quarters.
- Combined with disappointing Q1 earnings from Renewable Energy Group (REGI -5.3%), several biofuel names are trading lower: CDTI -8.5%, SZYM -7.3%, KIOR -6.4%, SYNM -4.3%, BIOF -2%, FF -1.5%.
Apr. 1, 2014, 11:22 AM| Apr. 1, 2014, 11:22 AM | 5 Comments
Mar. 31, 2014, 3:59 PM
- Shares of BioFuel Energy (BIOF +132.4%) more than double after the company received a $275M buyout proposal late Friday from Greenlight Capital and James Brickman of JBGL Funds for the 64.5% of the company they don't already own.
- Greenlight's David Einhorn and Brickman said the proposal provides an opportunity to acquire an interest in a business with long-term equity potential and an attractive portfolio of assets.
- BIOF said its board will establish a special committee of independent directors to evaluate the transaction, as well as alternatives for the company.
- The move is providing a lift for most other alternative energy companies: KIOR +39.7%, GPRE +3.7%, REGI +4.4%, SYNM +5.9%, REX +0.1%, PEIX -1.9%, GEVO flat.
Mar. 18, 2014, 12:46 PM
Mar. 18, 2014, 9:13 AM
Mar. 17, 2014, 7:22 PM
- KiOR (KIOR) -35% AH after saying in its 10-K filing that it received an investment commitment of up to $25M from Vinod Khosla, conditioned on the achievement of certain performance milestones, but it would be unable to fund its operations and meet its obligations if a deal is not finalized by April 1.
- KiOR also says the SEC served a subpoena seeking documents about the progress at its Columbus, Miss., facility and the timing of projected biofuel production levels.
Mar. 17, 2014, 12:05 AM
Mar. 16, 2014, 5:30 PM
Mar. 13, 2014, 12:05 AM
Mar. 12, 2014, 7:02 PM
- KiOR (KIOR) -4% AH after announcing it will cancel its Q4 earnings call previously scheduled for tomorrow and delay release of its Q4 earnings results until its 10-K is filed on or before March 17.
Mar. 12, 2014, 5:30 PM
Feb. 27, 2014, 12:48 PM