Bloomberg News

Omega Navigation Files for Bankruptcy Protection in U.S.

July 08, 2011

(Updates with assets and debt in second paragraph.)

July 8 (Bloomberg) -- Omega Navigation Enterprises Inc., an Athens-based shipper of refined fuels such as gasoline and heating oil, filed for bankruptcy in the U.S. after failing to reach an agreement with lenders to restructure debt.

The company listed assets of $527.4 million and debt of $359.5 million as of Dec. 31 in Chapter 11 papers filed today in U.S. Bankruptcy Court in Houston. Several affiliates also sought protection.

“The company is disappointed in the senior lenders’ intransigence and has commenced litigation against them in Greece,” Omega said today in a statement. It plans to use Chapter 11 to “restore the company to long-term financial health.”

The Chapter 11 filings don’t include Omega Management Inc., Omnicrom Holdings Ltd. or Omega Investments Inc., according to the statement.

The company’s legal adviser for the restructuring and Chapter 11 case is Bracewell & Giuliani LLP. Jefferies & Co. is its financial adviser.

The case is In re Omega Navigation Enterprises Inc., 11- 35927, U.S. Bankruptcy Court, Southern District of Texas (Houston).

--Editors: Stephen Farr, Alaric Nightingale

To contact the reporter on this story: Dawn McCarty in Wilmington, Delaware, at dmccarty@bloomberg.net.

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net.


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