Video: MDA Pushes Back Against KIOR’s Attempt to Continue Operations

[syndicaster id=’5567188′]

COLUMBUS, Miss. (WCBI) — KIOR doesn’t have a product it can sell. That’s what the Mississippi Development Authority is arguing in its latest attempt to force the troubled biofuels company to liquidate in bankruptcy court.

KiOR has filed a Chapter 11 bankruptcy plan which would allow the company to reorganize and continue to operate.

The MDA claims that plan is too vague and doesn’t provide creditors enough information.

The state, which is owed almost $79 million by KiOR, counters that the firm has never produced fuel on a commercially viable scale and to do so would cost hundreds of millions of dollars.

Mississippi wants KiOR to be forced into Chapter 7 and its assets, including the Columbus plant, sold to recover some of the money.

Another hearing on the request is set for Friday.