Junior Lenders Object To Proposed Omega Settlement Deals

Law360, New York (January 4, 2013, 1:47 PM EST) -- Two junior secured creditors of Greek oil shipper Omega Navigation Enterprises Inc. on Thursday objected to motions in Texas bankruptcy court to approve settlements with senior lenders and insiders, saying a proposal to give away three Omega investments companies to principal George Kassiotis is unfair.

In their objection, NIBC Bank N.V. and BTMU Capital Corp. say they were unfairly shut out of any settlement negotiations and never relinquished their claim to $36 million in underlying debt in two settlement agreements Omega submitted to the bankruptcy court...
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