December 7, 2018 / 10:21 PM / 3 months ago

Bankrupt Fairway Energy looking for buyer, plans 'prompt' sale

Midstream oil storage company Fairway Energy LP sought court approval on Thursday to prepare for selling itself to the highest bidder after filing for Chapter 11 bankruptcy protection late last month following a failed campaign to find new financing.

Fairway in a motion arguing for its bidding procedures in U.S. Bankruptcy Court in Delaware said a “reasonably prompt and open sale” is its best option for maximizing recoveries for stakeholders.

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