The first bid in that auction came from affiliates of Vinod Khosla, a long-time entrepreneur and venture capitalist who was a founder of Sun Microsystems and who has invested in many green energy companies in the past decade.
KiOR has agreed to a debtor-in-possession financing deal with an affiliate of Khosla’s, which will provide $15 million of additional financing to keep the company operating during the bankruptcy and to facilitate the sale and restructuring process. The company is requesting that the asset auction be held in December and the completion of the sale accomplished as soon as possible after the auction.
The company’s shares were de-listed from the Nasdaq on November 6, and KiOR does not expect any recovery for existing common stock shareholders as a part of the bankruptcy proceedings.
In the over-the-counter market on Monday morning, KiOR shares traded at around $0.03 a share. More than the average daily volume of 1.2 million shares had already changed hands within the first hour of trading.
ALSO READ: Why It Matters That Ethanol Prices Are Collapsing
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.