Fairway Energy secures court approval of $77.5 million asset sale

By Caroline Salls

Pittsburgh, April 11 – Fairway Energy, LP obtained court approval to sell substantially all of its assets to Riverstone Credit Partners-Direct, LP for $77.5 million, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The purchase price includes a credit bid of the amounts outstanding under Fairway’s debtor-in-possession facility, a credit bid of pre-bankruptcy secured obligations and a wind-down amount.

The buyer will also assume liabilities related to the assets.

As previously reported, ExxonMobil Pipeline Co., Magellan Crude Oil Pipeline, LLC and Sullivan Brothers Investments, LLC were named as back-up bids for three separate categories of assets.

Houston-based Fairway owns and operates an underground crude oil storage facility. The company filed bankruptcy on Nov. 26 under Chapter 11 case number 18-12684.

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