Omega Obtains Additional Relief From US Court

October 6, 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.

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