KiOR explores merger, sale
Struggling cellulosic fuels company KiOR has hired a firm to study "a possible merger, restructuring or sale" of the company, the firm disclosed in a filing to the US Securities and Exchange Commission.
KiOR's board today said it hired Guggenheim Securities as a financial advisor and investment banker to study those scenarios as well as other financing or strategic alternatives.
The Houston-based biofuels company and the first significant US producer of second-generation biofuels has failed to produce anything in 2014 and struggled to attract outside investment. KiOR idled its Columbus, Missouri, plant converting wood chips to renewable gasoline and diesel fuels after missing 2013 production targets cited by the US Environmental Protection Agency in setting last year's federal biofuel mandates.
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