Video: KiOR Continuing Production Becomes Less Likely

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COLUMBUS, Miss. (WCBI) — The chances of the KiOR Facility resuming production appear to be fading as the company puts a timetable on a possible bankruptcy filing.

In a Monday stock filing, the company says it is making no progress toward targets needed to secure additional financing for the plant.

KiOR says it is also suspending any research and development projects, which would help the company meet those goals.

The company even states it has substantial doubts about the ability to continue.

The firm, which had promised to convert wood waste into diesel and gasoline, says unless new money comes in, a bankruptcy filing — either voluntarily or forced — will take place by August 31.

KiOR’s current debt stands at $604 million, while cash on hand is just over $3 million.