Omega Obtains Additional Relief From US Court

press release
Thursday, October 06, 2011

Omega To Continue To Operate in the Ordinary Course of Business.

 

Omega Navigation Enterprises Inc. (ONAVQ) announced today that, in connection with its Chapter 11 proceedings in Houston, Texas, the Court has granted the continuing use of cash collateral through December 12, 2011. This relief, which was entered on a consensual basis with Omega's senior and junior lenders and the creditors' committee, includes:

 

  • The right to continue to operate and pay all operating expenses in the ordinary course
  • The right to continue to pay employees and crew in the ordinary course
  • The right to continue all cash management procedures in the ordinary course
  • The right to continue to maintain all insurance in the ordinary course

 

The management team continues to operate the business in the ordinary course. Omega will continue to honor all of its charter obligations during the pendency of the court protection. Omega believes the Chapter 11 reorganization process will help the Company facilitate a restructuring of its balance sheet and is working towards 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. Additional information and a list of frequently asked questions and answers relating to the reorganization process and procedures is posted on our website www.omeganavigation.com.

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

US Aircraft Carrier 'Ike' Leaves Drydock

The aircraft carrier USS Dwight D. Eisenhower (CVN 69) (Ike) has left dry dock and moved from Dry Dock 8 to pier 42/43 at Norfolk Naval Shipyard (NNSY) in Portsmouth, Va.

Seadrill's Q2 2014 Revenue Holds Nearly Steady

Revenues for the second quarter of 2014 were US$1,222 million compared to US$1,221 million in the first quarter of 2014, according to the company's financial report.

Pariah Containership Banned from Australian Ports

The Australian Maritime Safety Authority (AMSA) informs that it has issued a direction to the container ship 'Vega Auriga' (IMO 9347786) that prohibits the ship

Legal

Pariah Containership Banned from Australian Ports

The Australian Maritime Safety Authority (AMSA) informs that it has issued a direction to the container ship 'Vega Auriga' (IMO 9347786) that prohibits the ship

RN Warship Intercepts Caribean Drug Smugglers

Royal Navy warship HMS Argyll has seized £21 million worth of cocaine after a 12-hour pursuit across the Caribbean, informs the Ministry of Defence. Sailors then

Mexican Economy Ministry Slams US Sugar Decision

Mexico's Economy Ministry said on Tuesday a preliminary decision by the United States to impose anti-subsidy import duties on Mexican sugar was a setback in trade

Finance

Seadrill's Q2 2014 Revenue Holds Nearly Steady

Revenues for the second quarter of 2014 were US$1,222 million compared to US$1,221 million in the first quarter of 2014, according to the company's financial report.

COSCO Resorts to Rate Restoration for F. East to S Africa Trade

COSCO Container Lines would like to announce Rate Restoration for all shipments (include reefer cargo) from Far East to South Africa Trade and take effect from September 1, 2014.

MN 100: Crowley

9487 Regency Square Boulevard Jacksonville, FL 32225 Tel: (800) 276-9539 Email: corpcomm@crowley.com  Website: www.crowley.com Chairman & CEO: Thomas B.

News

COSCO Resorts to Rate Restoration for F. East to S Africa Trade

COSCO Container Lines would like to announce Rate Restoration for all shipments (include reefer cargo) from Far East to South Africa Trade and take effect from September 1, 2014.

Anchorage Area Obstruction in Freeport

Brazos Pilots Association in Freeport, Texas, advise that a 600-700' long wire is presenting a hazard to vessels in the north Freeport general anchorage. According to advice from the Association,

Neeraj Bansal Appointed Deputy Chairman of JNPT

The Government of India has appointed Neeraj Bansal as Deputy Chairman of India's largest container port,  Jawaharlal Nehru Port Trust with immediate effect. Mr

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2090 sec (5 req/sec)