Pyrolyx USA trustee gets court approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., Dec. 2 – Pyrolyx USA Indiana, LLC’s Chapter 7 trustee, Jeoffrey L. Burtch, secured court approval of the bidding procedures for the sale of substantially all of the debtor’s assets, according to an order filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware.

Bond trustee UMB Bank, NA made an offer to purchase the assets for a consideration of $15 million, which includes a $14.7 million credit bid and a $300,000 cash payment.

Competing bids are due by noon ET on Jan. 11, must exceed UMB’s bid by at least $200,000 and must not include a credit bid component.

An auction will be held on Jan. 13, if necessary.

A sale hearing will take place on Jan. 14.

Pyrolyx is a recycled carbon black manufacturer based in Terra Haute, Ind. The company filed Chapter 7 bankruptcy on Oct. 28 under case number 20-12711.

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