Progrexion cancels auction after receiving no other qualified bids

By Sarah Lizee

Olympia, Wash., Aug. 15 – PGX Holdings, Inc., which does business as Progrexion, canceled an auction for its assets after receiving no qualified bids other than the stalking horse bids by the deadline, according to a notice filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company said it will seek approval of the sales to the stalking horse bidders at a sale hearing scheduled for Aug. 25.

As previously reported, the first stalking horse agreement is with the company’s prepetition and debtor-in-possession lenders, who seek to purchase all assets except those of Lexington Law for $257.49 million, consisting of a credit bid and assumed liabilities.

The second stalking horse agreement is with the owners and the principal attorney at Lexington Law for substantially all of the Lexington Law assets.

The two agreements are conditioned on each other and are intended to permit the debtors’ businesses to continue as a going concern.

Progrexion is a provider of consumer credit repair services based in Salt Lake City. The company filed bankruptcy on June 4 under Chapter 11 case number 23-10718.

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