Progrexion closes $257.49 million sale of assets to lenders

By Sarah Lizee

Olympia, Wash., Sept. 29 – PGX Holdings, Inc., which does business as Progrexion, closed the sale of most of its assets to its lenders for $257.49 million, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company received court approval to sell its assets under two stalking horse agreements.

The first stalking horse agreement was with the company’s prepetition and debtor-in-possession lenders, who agreed 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 was with the owners and the principal attorney at Lexington Law for substantially all of the Lexington Law assets.

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

Both sales closed on Thursday.

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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