Video: KiOR Cuts Nearly a Quarter of Workforce
COLUMBUS, Miss. (WCBI) — Any hope of alternative-fuels producer KiOR surviving its financial difficulties faded further today.
The company began laying off some 25 percent of its remaining work force this morning, which, according to employees, amounted to about 20 workers.
The company previously said it faces bankruptcy by August if it can’t raise more capital. So far, the company’s lone major remaining backer has only been providing $5 million per month by buying senior notes, which amount to buying up the company’s assets.
The company opened its pioneering Columbus wood-to-fuels plant in late 2012, and operated for one year before idling the plant in January to try to raise more money and to make technical improvements.