Tag: US Court

US Court orders release of TMT ship: Win for Taiwan Shipping Firm

The Court granted all of the interim relief that Omega requested Omega Navigation Enterprises Inc. announced 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 courseThe 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.Source: Omega Navigation Enterprises Inc.