Omega Navigation announces agreement to extend exclusivity period

By Jim Witters

Wilmington, Del., June 1 - Omega Navigation Enterprises, Inc. and its major creditors reached agreement to extend the company's exclusive periods for filing a Chapter 11 plan, according to a press release issued by Omega on June 1.

The agreement would extend the exclusive period to July 20 from July 6. The company's exclusive period for soliciting plan acceptances is Sept. 6.

Approval of the agreement is still needed from the U.S. Bankruptcy Court for the Southern District of Texas.

The company and its major creditors are involved in a mediation process concerning a potential Chapter 11 plan of reorganization, according to the press release.

Omega will continue to honor all of its charter obligations during the pendency of the court protection, the company said.

Omega believes the Chapter 11 reorganization process will help the company facilitate a restructuring of its balance sheet and is working toward exiting Chapter 11 as a financially stronger entity that will be positioned to enjoy future growth based on the strength of its existing modern fleet of product tanker vessels.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.