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.