KiOR hearing on amended plan disclosure pushed back by three weeks

By Kali Hays

New York, Jan. 21 – KiOR, Inc.’s hearing to consider the disclosure statement related to its amended plan of reorganization has been adjourned to Feb. 12 from Jan. 23, according to a Jan. 21 notice from the U.S. Bankruptcy Court for the District of Delaware.

A hearing on the possible conversion of the company’s case to Chapter 7 from Chapter 11 has also been pushed back to Feb. 19 from Jan. 23.

As previously reported, KiOR’s largest unsecured creditor, the Mississippi Development Authority (MDA), objected to the disclosure statement claiming that it failed to “inform creditors of what is really happening in this case and with the debtor’s business.”

In December, MDA asked the court to convert the company’s case to Chapter 7, alleging the relief sought by KiOR “does not serve a proper bankruptcy purpose” and that the company is looking to “improperly leverage the provisions of Chapter 11 for the sole benefit of its insiders.”

KiOR is a Pasadena, Texas-based development-stage, next-generation renewable fuels company that filed for bankruptcy on Nov. 10. The Chapter 11 case number is 14-12514.

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