Oil Shipper Omega Navigation Slips Into Ch. 11

Law360, New York (July 8, 2011, 5:01 PM EDT) -- Omega Navigation Enterprises Inc. limped into Chapter 11 protection in Texas on Friday after the Greek oil shipper’s senior lenders refused to adopt new terms on hundreds of millions of dollars in debt.

Stoved by recalcitrant lenders, the Athens, Greece-based tanker operator filed petitions for Omega Navigation and nine subsidiaries and vessels, citing more than $527 million in assets and roughly $360 million in liabilities.

Omega said that Chapter 11 remained the only viable way to deleverage after its senior lenders stonewalled out-of-court overtures.

“The company...
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