Omega Investments equity interests go to Oxygen Maritime for $4 million

By Jim Witters

Wilmington, Del., March 12 - The $4 million sale of Omega Navigation Enterprises, Inc.'s equity interests in Omega Investments Ltd. has been approved, according to documents filed March 11 with the U.S. Bankruptcy Court for the Southern District of Texas.

The court approval came after Oxygen Maritime and One Investments Inc. filed an emergency motion for a hearing to negate the sale of the interests to Delos Megacore LLC.

Delos had agreed to pay $2 million for the Omega Investments.

Oxygen Maritime said Delos was in breach of the terms of its asset purchase agreement and, "the terms for the sale ... that were approved by the court ... have changed to the significant detriment of these estates."

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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