The Associated Press reported tonight:
JACKSON, Miss. (AP) - Biofuel maker KiOR is laying off employees as it idles its Mississippi refinery, intensifying questions about the future of the cash-strapped company.
The company said Wednesday that it has cut 18 employees. KiOR, based in Pasadena, Texas, said 55 employees remain at the Columbus plant.
"Given the company's limited cash flow, we do anticipate additional layoffs as we finish getting the Columbus plant in a 100 percent safe, idled state," the company said in a statement. "This will occur as required over the next one to two months."
The plant stopped production in December, when it had about 100 employees....
The company owes nearly $280 million, including $69.4 million to the state of Mississippi.
The state loaned KiOR $75 million to help its startup, one of a number of investments made by Gov. Haley Barbour's administration in alternative-energy companies. KiOR has been making scheduled loan payments.
Mississippi Development Authority spokesman Jeff Rent said the next $1.875 million loan payment is due June 30. If the company were to default or file bankruptcy, the state would be the first creditor in line and could seize the company's plant. Rest of article
Kior closed at 40 cents per share today. It has a market cap of $45.9 million.
26 comments:
Another Haley Barbour success story. We need more Thad and more Haley and more Phil. Synthetic oil from pine tree scraps. Holy cow what will they think of next!!!
Sideliner at 10:15, Newsflash: It's called the gamble of Industrial Development. There are no crystal balls involved in the process of bringing jobs to communities. Never have been any, never will be any. Successes far outnumber those that don't pan out. If you'd ever been remotely involved, you'd already know that. But, alas.......
Still no results from the alleged SEC/Homeland Security investigation of Clinton,McAulfie Barbour involving 0MYCAR(aka WangWagen) granting US citizenship to Chinese nationals via investment in MYCAR.
http://www.nytimes.com/2012/07/22/magazine/terry-mcauliffe-and-the-other-green-party.html?pagewanted=all&_r=0 scheme.
Maybe Thad could bring them some pork and Haley could pardon them!
MYCAR is limited to 25mph and recharged rate of 100 miles per charge...great for cities on the China mainland. MYCAR is more like an enhanced version of the four-wheeler ATV.
They owe the State of Mississippi around $70,000,000.00. Another Beef Plant - only bigger. Phil pushed for Kior. Sure the State will get the building and equipment, but I'm sure the equipment is unique for the Kior operations. I remember when the beef plant went down - Phil was Auditor and said from here on out, that every economic venture would be vetted by the State Auditor - wrong! Phil needs to go - maybe Tyrone will hire him back as a Hinds County Deputy. He's got his cowboy boots with the state seal on them!
In the Starkville Daily News published October 8, 2010, Phil Bryant says what he enjoys in economic development as lieutenant governor is to do the research and be able to present legislation to the Senate “I can do so with some certainty.” “I think our energy sector in Mississippi is the largest economic development opportunity that we have,” he said, citing not only KiOR but also the planned clean coal gasification plant in Kemper County.
On October 5, 2012 - at the Governor's Energy Summit in Jackson, Bryant unveiled his energy development plan at the Jackson Convention Complex.
The governor, speaking to people working in the energy industry and other elected leaders, said the KIOR plant, which will be based in Columbus, could be “a world changing event” because of its ability to convert biomass, such as pine trees, to gasoline. Plans for the plant were put in during a 2010 special session of the Mississippi Legislature.
The governor also praised the controversial and innovative coal gasification plant being built in Kemper County by Gulfport-based Mississippi Power Co.
The RINOs will believe anything including that Haley and Phil had, and have, the economic development Midas touch.
The Kemper fiasco and the pre-finance enabling legislation will turn out to be the biggest ripoff of Mississippi in the history of the state.
Wood burning gas engines is Old German technology.
I'll have whatever Pugnacious is having. A double, please.
Randy Newman's uncle, Lionel, was the music director in this film.
LINK CEO, "Mad Max" Higgins, is now pushing a Communiversity to be constructed in the Golden Triangle industrial complex;it's to be funded "locally." Higgins' Pied Piper is the so-called economist William H. Fruth of POLITICOM Corporation of Florida.
The Golden Triangle has some of the worst public schools in the Nation and is rife with criminal activity.
Mississippi State has purchased land adjacent to a thriving golf course near Columbus and will take college-level golf to the next level. Matlock's favorite entree was meatloaf. Aunt Bea never once made chicken-fried steak. The barber, having spent too much time in the sun that day, was the original Pink Floyd. This post is intended for Pugnacious.
The Columbus Country Club's Lion Hills was sold to the lone bidder, East Mississippi Community College, for $1.6 million, not to Mississippi State as you falsely claim. Lion Hills was into bankruptcy, not "thriving" as you falsely claim.
EMCC is more into football and has won the NJCAA football championship for the last two consecutive years...for whatever that's worth. Are you the mouthpiece of Clayton's talking turtle?
Wrong Pug. Pay attention to the news. Pay attention to my post without importing your own version of unrelated facts.
I did not mention Lion Hills. As usual, Pug assumes much and spouts discombobulated nonsense in an attempt to sound wise.
http://www.clarionledger.com/story/mississippistatesports/2014/06/18/msu-old-waverly-agrement/10804007/
I don't generally keep up with the news at the Cow College, unless it involves the purchase of donated-to-the-University sweetheart land deals brokered behind closed doors at the Bulldog Club.
You don't keep up but don't mind spouting off on a subject about which you know nothing. Better to be the mouthpiece of Clayton's talking turtle than the south end of Luther's northbound mule.
Since you are in the know on the breaking news at Cow College, what's the scuttlebutt on "Doc" Foglesong? Is he still on Shamir's IAI Board of Directors?
I don't know jack about foglesong or IAI and could not care less. Since you are the expert on Columbus, you tell me. Waiting on your apology regarding the golf course. Or will you wiggle out of it?
You started with the Mayberry "tit"...I gave you the TAT.
What you gave us is a 'toot'. In a whirlwind.
Actually, you first provided the "tat."
Just don't let it happen again.
Half this thread is this gal Puggy proving the value of psychotropic drugs and home based therapy.
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