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.
Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.