JACKSON, Miss. — Biofuel maker KiOR says missing a $1.8 million loan payment to the state of Mississippi means it now owes more than $312 million immediately.
The company was supposed to make the payment to the Mississippi Development Authority by midnight Wednesday, the end of a grace period.
Even before then, Mississippi sent a default notice saying KiOR owed the $69.4 million in principal, and $9 million-plus in interest trigged by the default, for a total of $78.6 million.
KiOR, of Pasadena, Texas, said in a Friday stock filing that default notice triggered provisions making another $234 million in loans immediately due.
An entity controlled by financier Vinod Khosla loaned KiOR another $1.1 million Friday, but it’s unclear what KiOR will do next.
Company officials couldn’t immediately be reached for comment.