Paradox Resources sets bid procedures for assets

By Sarah Lizee

Olympia, Wash., July 26 – Paradox Resources, LLC is seeking approval of bid procedures for its assets, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company is hoping to enter into a stalking horse agreement as well.

Evercore Group LLC is investment banker for the debtors.

Under the proposed bid procedures, the stalking horse designation deadline would be July 28, the bid deadline would be 6 p.m. ET on Aug. 28, an auction would be held on Aug. 31, and a sale hearing would take place on Sept. 11.

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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