Paradox Resources cancels auction after receiving no qualified bids

By Sarah Lizee

Olympia, Wash., Oct. 2 – Paradox Resources, LLC canceled an auction scheduled for Monday for its assets after receiving no qualified bids by the bid deadline, according to a notice filed with the U.S. Bankruptcy Court for the Southern District of Texas.

The company said the debtors continue to negotiate with potential bidders regarding the terms of bids that would be acceptable to the debtors.

If an agreement is reached, the company said the debtors will file a notice of the terms of the agreement on the court’s docket and seek approval of the sale at the sale hearing, which is currently scheduled for Oct. 6.

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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