Kior Inc., Biofuel Company, Files Bankruptcy, Plans Sale
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Biofuel producer Kior Inc. filed for bankruptcy protection in Delaware with a plan to sell its assets to affiliates of billionaire backer Vinod Khosla if no better offer emerges.
Guggenheim Securities LLC, a company hired by Pasadena, Texas-based Kior, has solicited more than 165 potential buyers and the company will continue to market its assets for sale, according to documents filed in U.S. Bankruptcy Court in Wilmington. While more than 20 parties expressed interest, the only bid came from senior lenders and Pasadena Investments LLC, which agreed to convert $16 million of senior secured debt into new equity, according to the filings.