Omega Navigation announces prevailing bids for equity interest sales

By Caroline Salls

Pittsburgh, Feb. 21 - Omega Navigation Enterprises, Inc. has selected prevailing bids for the proposed sales of its equity interests in Omega Investments, Ltd., Omnicrom Holdings Ltd. and Omega Management, Inc., according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the stalking horse bid submitted by Delos Megacore LLC has been selected as the prevailing bid for the Omega Investments interests, and a joint bid submitted by Oxygen Maritime Inc. and/or One Investments Inc. has been selected as the prevailing bid for the Omnicrom and Omega Management interests.

The joint bid, which covers all three sets of interests, has also been selected as the back-up bid for the Omega Investments interests. There is no back-up bid for the other interests.

Delos has agreed to pay $2 million for the Omega Investments interests, minus the amount of any holdback not returned to the seller. The final sale price will not be less than $1.25 million.

Meanwhile, the joint bidders have offered to pay a total of $110,000 for all three sets of interests, including $50,000 for the Omega Investments interests, $50,000 for the Omnicrom interests and $10,000 for the Omega Management interests.

Since the joint bid actually covers the purchase of all three sets of interests, Omega Navigation said Oxygen and One Investments will not be required to complete their bid if the sale of the Omega Investments interests to Delos closes.

While its official committee of unsecured creditors and junior lenders support the Delos bid as the prevailing bid for the Omega Investments interests, the company said they do not support the joint bid as the prevailing bid for the other interests or as the back-up bid for the Omega Investments interests.

As a result, the Feb. 25 sale hearing will be uncontested in connection with the proposed Omega Investments interest sale, but contested in connection with the sale of the other interests.

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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