Fairway Energy LP, a Harvard University-backed crude oil storage company, filed for bankruptcy Monday, citing cost overruns at a project near Houston’s Astrodome stadium among the reasons for its filing, WSJ Pro Bankruptcy reported. The Houston-based company, which is entering chapter 11 with about $100 million in liabilities, said it plans to put itself up for sale as part of its reorganization. In the months leading up its bankruptcy filing, the company said that it contacted about 150 potential buyers but received no offers, according to a filing Monday in U.S. Bankruptcy Court in Wilmington, Del. Fairway Energy’s biggest shareholder, with a 28 percent stake, is Harvard Corp., formally known as the President and Fellows of Harvard College. Other major equity holders include investment firm Haddington Energy Partners IV LP, which owns 18 percent, a filing shows.
