Omega Navigation gets court approval for sale of equity interests

By Lisa Kerner

Charlotte, N.C., Feb. 25 - Omega Navigation Enterprises, Inc. sale of its equity interests in Omega Investments, Ltd., Omnicrom Holdings Ltd. and Omega Management, Inc. were "approved on the terms presented" by the U.S. Bankruptcy Court for the Southern District of Texas on Monday, according to an attorney familiar with the case.

As previously reported, the stalking horse bid submitted by Delos Megacore LLC had 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.

Also, the joint bid, which covers all three sets of interests, had been selected as the backup bid for the Omega Investments interests. There is no backup bid for the other interests.

Delos agreed to pay $2 million for the Omega Investments interests, minus the amount of any holdback not returned to the seller.

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.

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.