Bankrupt oil-storage business Fairway Energy LP said its senior lender won an auction for the Harvard-backed company’s assets, with ExxonMobil Pipeline Co. named one of the backup bidders, WSJ Pro Bankruptcy reported. Subject to court approval, Riverstone Credit Partners Direct LP — which was owed about $95 million when Fairway filed for bankruptcy — will acquire virtually all of Fairway’s assets in a credit bid. Riverstone’s winning bid was for $77.5 million, Patrick Hughes, a Haynes & Boone LLP lawyer representing Fairway. A bankruptcy court hearing to approve the sale is scheduled in April before Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court in Wilmington, Del. Fairway had raised $390 million in equity from 63 investors to help build its signature project, the Pierce Junction Crude Oil Storage Facility in Houston. Fairway’s biggest shareholder, with a 28 percent stake, is Harvard Corp., formally known as the President and Fellows of Harvard College.
