KiOR DIP loan now $20.4 million; confirmation deadline June 10

By Kali Hays

New York, April 29 – KiOR, Inc. obtained approval from the U.S. Bankruptcy Court for the District of Delaware to increase the amount of its debtor-in-possession facility to $20.4 million from $15 million, according to a Wednesday order.

Under an amended DIP credit agreement, confirmation of a plan is required by June 10 and the deadline for a plan becoming effective is June 30, which is also the outside maturity date of the loan facility.

As previously reported, the loan is being provided by KiOR affiliate Khosla.

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

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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