CORRECTED: Omega Looks To Sell Assets After Judge Halts Settlement

Law360, Dallas (January 14, 2013, 8:34 PM EST) -- After a Texas bankruptcy judge refused Monday to approve Greek oil shipper Omega Navigation Enterprises Inc.'s proposed settlement with its current CEO and largest shareholder, Omega sought permission to sell off three investments companies and their subsidiaries.

U.S. Bankruptcy Judge Karen K. Brown did sign off on a settlement with Omega’s senior lenders that transfers them ownership of eight shipping vessels, but she wouldn’t agree to a deal that would have given Omega CEO George Kassiotis equity in the investment companies. Two junior secured creditors, NIBC...
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