Paradox Resources receives court approval of bid procedures

By Sarah Lizee

Olympia, Wash., Aug. 1 – Paradox Resources, LLC secured approval of bid procedures for its assets, according to an order filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company has also received approval to choose a stalking horse bidder and provide bid protections.

The bid deadline is set for 6 p.m. ET on Aug. 28, an auction is scheduled for Aug. 31, and a sale hearing will take place on Sept. 6.

Evercore Group LLC is investment banker for the debtors.

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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