Searles Valley Minerals Files for Chapter 11 to Facilitate Asset Sale

President Dennis Cruise described the filing as the most transparent path to finding an investor capable of sustaining the company’s rare resource base. The business, which operates one of the world’s few water-soluble borate deposits, has shifted its focus toward these minerals as the soda ash market evolved. To maintain stability during the transition, the firm secured $40 million in total liquidity: a $20 million interest-free advance from supplier Tata Chemicals North America and a $20 million junior debtor-in-possession facility from parent firm Karnavati Holdings.

Investment banker Lazard is managing the competitive bidding process, building on outreach efforts that began in 2025. During that period, the company engaged with over 140 potential buyers and signed 50 confidentiality agreements. Management expects to designate a stalking horse bidder to set a floor for an open auction. Throughout the proceedings, the Westend plant, Trona Railway, and Searles Domestic Water Company will continue to function without interruption, with wages and benefits for employees remaining fully protected under court-approved motions.