Taronis Fuels, Inc filed a motion in the US Bankruptcy Court for the sale of substantially all assets related to the operation of their Texas retail business on November 18, 2022. The debtor seeks the Court's approval for the sale of substantially all assets to successful bidder. The debtor's assets include sale of the Texas assets.

To qualify as a qualified bidder, interested parties should submit their bids by January 3, 2023, along with good-faith deposit in the amount of 10% of the bid price. The initial minimum overbid should be at least $0.25 million more than the initial purchase price. The debtor has scheduled an auction on January 6, 2023.

At the auction, the subsequent bids would be in increments of $0.25 million. The stalking horse bidder would be entitled to a break-up fee and expense reimbursement in case of termination of the asset purchase agreement. The sale hearing is scheduled for January 13, 2023.

The proceeds from the sale would be used to pay off the amount owed to the debtor's pre-petition lender. Sale consummation deadline is January 20, 2023.