KiOR court authorizes final access to $15 million of DIP financing

By Kali Hays

New York, Jan. 23 – KiOR, Inc. received final approval of a $15 million debtor-in-possession facility on Jan. 23 from the U.S. Bankruptcy Court for the District of Delaware.

Milestones included in the DIP agreement require the company to obtain confirmation of its reorganization plan by March 17 and that the plan take effect by March 31.

As previously reported, KiOR has had interim access to $6 million of the loan since Dec. 8.

The DIP loan is being provided by KiOR affiliate Khosla.

Pasadena Investments, LLC is the DIP financing agent and lender.

The facility will mature on the earliest of 30 days after entry of the interim order if a final order has not been entered, six months from the date of the credit agreement, the effective date of Chapter 11 plan and the closing of a sale of company assets.

Interest will be 7½%, paid in kind.

KiOR is a Pasadena, Texas-based development-stage, next-generation renewable fuels company. The Chapter 11 case number is 14-12514.

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