Omega Creditors Get Nod To Solicit New Bidders For Assets

Law360, New York (October 3, 2012, 3:33 PM EDT) -- A Texas bankruptcy judge on Tuesday greenlighted a move by unsecured creditors of Greek oil shipper Omega Navigation Enterprises Inc. to use confidential business information to solicit new plan alternatives from third parties who may be interested in buying its assets.

U.S. Bankruptcy Judge Karen K. Brown held that the official committee of unsecured creditors was free to go after alternative bidders but insisted that any third party the creditors decide to approach with Omega's confidential business information must sign a confidentiality agreement.

Judge Brown, however,...
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