Omega Navigation delays disclosure statement hearing for two weeks

By Jim Witters

Wilmington, Del., Oct. 15 - Omega Navigation Enterprises Inc. postponed a hearing on the adequacy of its disclosure statement for two weeks, according to Omega attorney Evan Flaschen.

Omega said it needs more time to finalize and document agreements with some "key players" in its bankruptcy case before the disclosure statement approval motion can be heard in the U.S. Bankruptcy Court for the Southern District of Texas.

The official committee of unsecured creditors and a group of junior lenders filed objections to the disclosure statement associated with Omega's proposed plan of reorganization.

Omega's motion for continued use of cash collateral was also postponed until the Oct. 29 hearing.

Omega Navigation is an Athens, Greece-based provider of marine transportation services. The company filed for bankruptcy on July 8, 2011 under Chapter 11 case number 11-35926.

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