Bankrupt Texas oil storage company Fairway Energy announced March 27 a winner of an auction of its assets.
Secured creditor Riverstone Credit Partners-Direct, L.P., was the successful bidder at the March 25 auction in Houston, ahead of backup bidders ExxonMobil Pipeline Co., Magellan Crude Oil Pipeline LLC, and Sullivan Brothers Investments LLC.
Riverstone may assume contracts and leases as part of the deal, Fairway said.
A lawyer for Fairway told the Wall Street Journal that the successful bid was $77.5 million. In November, a lawyer for a Fairway shareholder told Bloomberg that a buyer might pay “a couple hundred million” ...
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