RIP KiOR: The Khosla-backed biofuel company finally files for bankruptcy

Gigaom

Biofuel company KiOR, which has become a symbol of the difficulties of venture capitalists investing in clean technology startups, finally filed for bankruptcy this week, many months after shutting down its biofuel plant and operating on fumes, unable to pay its debts. Many, including myself, have been predicting this for awhile and thought it would come a lot sooner. But affiliates of early investor and major shareholder Vinod Khosla, as well as Bill Gates (also an investor in Khosla Ventures), have been funding the company’s day-to-day operations, keeping it going throughout the year.

Affiliates of Khosla could end up with the assets of KiOR, as they’ve placed the only bid in the sale process, and if there are no better offers, KiOR plans to sell the assets to “senior lenders,” which means funds affiliated with Khosla. Senior lenders agreed to convert $16 million of senior secured debt into new…

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