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Delos Megacore seeks $100,000 breakup fee in $4 million Omega sale
By Jim Witters
Wilmington, Del., March 26 - Delos Megacore LLC is seeking a $100,000 breakup fee for serving as the stalking-horse bidder in the $4 million sale of Omega Navigation Enterprises, Inc.'s equity interests in Omega Investments Ltd., according to documents filed March 25 with the U.S. Bankruptcy Court for the Southern District of Texas.
Delos claims its participation in the sale process brought added value to the debtors' estates.
"Just three months ago, the debtors sought approval from this court to transfer the OMIN interests to an insider for zero cash consideration. Delos objected to that request because it had made a cash bid for the OMIN interests, and it asked the court to instead direct the debtors to run a marketing process for which Delos would agree to serve as the stalking horse bidder. Both the official committee of unsecured creditors and the junior lenders lodged similar objections, which objections this court sustained and denied the debtors' request," Delos wrote in its request.
The subsequent marketing and sale "produced a tremendous result for the debtors' estates," the motion states.
No hearing has been scheduled for consideration of Delos' request.
As previously reported, court approval of the ultimate sale came after Oxygen Maritime and One Investments Inc. filed an emergency motion for a hearing to negate the sale of the interests to Delos.
Delos had agreed to pay $2 million for the Omega Investments.
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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