Fairway Energy Submits Bankruptcy Liquidation Plan for Approval

Bankrupt oil storage company Fairway Energy L.P. has filed a liquidation plan and supporting disclosures, setting aside a pool of money for some unsecured creditors and other expenses.

Fairway, based in Houston, will pay in full taxes and administrative expenses and other priority claims associated with its Chapter 11 case, according to the plan filed on May 9 with a federal bankruptcy court in Delaware.

Unsecured creditors, who are owed about $3 million, will receive an unspecified amount, according to the company’s disclosure statement, also filed on May 9. Up to $500,000 will be set aside to pay unsecured creditors. ...