One-Page Deal Sheet
Converge Acquires Assets of Bankrupt Fairway Energy Partners
Converge Midstream LLC Fairway Energy Partners LLC
Announced Date
June 19,2019
Close Date
June 19,2019
Transaction Type
Asset
Location
Country
United States
Transaction Details: Require Private Equity Subscription
Riverstone-backed Converge Midstream LLC has acquired the assets of Fairway Energy Partners.
On November 26, 2018, Fairway filed a voluntary petition for relief under Chapter 11 and launched a bankruptcy court supervised 363 sales process. On April 10, 2019, Riverstone Credit emerged as the successful bidder for the Fairway assets, in an auction that saw bids from ExxonMobil Pipeline Company, Enterprise Products Operating, LLC, Magellan Crude Oil Pipeline Company LLC, and Sullivan Brothers Investments LLC.
This acquisition has repositioned the assets for future growth. Converge is now…
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