Court Grants Relief to Omega in Chapter 11 Proceedings

Wednesday, August 03, 2011

Omega Navigation Enterprises Inc. (ONAVQ) has announced that, in connection with its Chapter 11 proceedings in Houston, Texas, the Court has granted all of the additional relief that Omega requested. This 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; and 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 states that it will continue to honor all of its charter obligations during the pendency of the court protection. The company believes the Chapter 11 reorganization process will help it 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 Omega's website www.omeganavigation.com.


People & Company News

MN100: Klüber Lubrication NA LP

The Company: Klüber Lubrication is one of the world’s leading manufacturers of specialty lubricants, offering high-end tribological solutions to virtually all industries and markets worldwide.

Grand Bahama Shipyard Adds Four Executives

Grand Bahama Shipyard Limited (GBSL), a Caribbean shipyard providing retrofit, refurbishment and revitalization to cruise and commercial vessels, has added four

MN100: Voith Turbo

The Company: Voith Turbo specializes in the design, manufacture and servicing of high performance driveline equipment. From drive components to electronic drive systems,

Legal

US Coast Guard Announces Final TWIC Rule

The U.S. Coast Guard announced Tuesday the publication of the final rule concerning Transportation Worker Identification Credential (TWIC) reader requirements. The

Riyadh MOU PSC CIC on Pilot Transfer Arrangements

Six (6) countries (Bahrain, Kuwait, Qatar, Saudi Arabia, Oman and UAE) of the Riyadh MoU in the Gulf Region are planning the following PSC Concentrated Inspection

Ukraine to Sue Russia Over Maritime

Ukraine plans to launch legal proceedings against Russia for violating United Nations convention with its annexation of Crimea, the Moscow Times quoted Ukraine’s

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1252 sec (8 req/sec)