Omega Navigation Enterprises Obtains Requested Relief From US Court; Omega to Continue to Operate in the Ordinary Course of Busi
13 Juillet 2011 - 11:15PM
Marketwired
Omega Navigation Enterprises Inc. (NASDAQ: ONAV) announced today
that, in connection with its Chapter 11 proceedings in Houston,
Texas, the Court has granted all of the interim relief that Omega
requested. This included:
- The right to continue to operate and pay all operating expenses
in the ordinary course
- The right to continue to pay employees and crew in the ordinary
course
- The right to continue all cash management procedures in the
ordinary course
- The right to continue to maintain all insurance in the ordinary
course
The management team continues to operate the business in the
ordinary course. Omega will continue to honor all of its charter
obligations during the pendency of the court protection. Omega
believes the Chapter 11 bankruptcy process will help the Company
facilitate a restructuring of its balance sheet and is working
towards exiting Chapter 11 as a financially stronger entity that
will be positioned to enjoy future growth based on the strength of
its existing modern fleet of product tanker vessels.
Additional information and a list of frequently asked questions
and answers will be posted on our website
www.omeganavigation.com.
Safe Harbor Statement This release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. One can identify these forward-looking
statements by the use of words such as "expect," "believe,"
"planning," "possibility," "opportunity," "goal," "will," "may,"
"intend," "anticipates," "working toward" and other words of
similar meaning. One can also identify them by the fact that they
do not relate strictly to historical or current facts. These
statements are subject to risks and uncertainties that could cause
actual results and plans to differ materially from those included
in the Company's forward-looking statements.
These risks and uncertainties include but are not limited to (i)
the ability of the Company to continue as a going concern, (ii) the
Company's ability to obtain Bankruptcy Court approval with respect
to motions in the Chapter 11 cases, (iii) the ability of the
Company and its subsidiaries to prosecute, develop and consummate
one or more plans of reorganization with respect to the Chapter 11
cases, (iv) the effects of the Company's bankruptcy filing on the
Company and the interests of various creditors, equity holders and
other constituents, (v) Bankruptcy Court rulings in the Chapter 11
cases and the outcome of the cases in general, (vi) the length of
time the Company will operate under the Chapter 11 cases, (vii)
risks associated with third party motions in the Chapter 11 cases,
which may interfere with the Company's ability to develop and
consummate one or more plans of reorganization once such plans are
developed, (viii) the potential adverse effects of the Chapter 11
proceedings on the Company's liquidity or results of operations,
(ix) the ability to execute the Company's business and
restructuring plan, (x) increased legal costs related to the
Company's bankruptcy filing and other litigation, and (xi) the
Company's ability to maintain contracts that are critical to its
operation, to obtain and maintain normal terms with its vendors,
landlords and service providers and to retain key employees. In the
event that the risks disclosed in the Company's public filings and
those discussed above cause results to differ materially from those
expressed in the Company's forward-looking statements, the
Company's business, financial condition, results of operations or
liquidity, and the interests of creditors, equity holders and other
constituents, could be materially adversely affected.
Contacts: Company Contact: Gregory A. McGrath
Chief Financial Officer Omega Navigation Enterprises, Inc. PO Box
272 Convent Station, NJ 07961 Tel. (551) 580-0532 E-mail:
gmcgrath@omeganavigation.com www.omeganavigation.com Investor
Relations / Financial Media: Nicolas Bornozis President Capital
Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel.
(212) 661-7566 E-mail: omeganavigation@capitallink.com
www.capitallink.com
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