Paradox Resources gets interim approval to access cash collateral

By Sarah Lizee

Olympia, Wash., June 5 – Paradox Resources, LLC received further interim approval to access cash collateral, according to an order filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

Prepetition secured lender Washington Federal Bank, NA has an interest in the collateral.

Counsel for the company said at the latest cash collateral hearing that it has been “disappointed” by the lack of discussion and involvement from Washington Federal Bank so far. It doesn’t appear at this point that the secured lender will be providing DIP financing to the company.

There are other parties that are doing due diligence and may potentially provide the company with DIP financing, however.

A final hearing is scheduled for June 15.

Paradox Resources is a Houston-based midstream company primarily focused on helium processing and carbon capture, utilization and sequestration. The company filed bankruptcy on May 22 under Chapter 11 case number 23-90558.

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