New Delaware Chapter 11 Filing – Fairway Energy, LP
Fairway Energy, LP, along with two subsidiaries and affiliates, has filed a chapter 11 petition for relief in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12684). According to the First Day Declaration, Fairway owns and operates an underground crude oil storage facility outside of Houston, Texas, and has filed as a result of fluctuating demand for storage services and cost overruns incurred during expansion of the storage facility. Fairway is seeking approval of $20 million in debtor-in-possession financing to be provided by Riverstone Credit Partners-Direct, and intends to seek a sale of substantially all of its assets under section 363 of the Bankruptcy Code. Prime Clerk is the proposed claims and noticing agent. The cases have been assigned to the Honorable Laurie Selber Silverstein.
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