OmegaNavigation Enterprises could emerge from Chapter 11 by November if creditorsapprove a reorganisation plan filed with a bankruptcy court in Houston.
The Greek product tanker owner, which hasbeen trapped in legal limbo since last summer, says the proposed package callsfor an equity injection of up to $2.6m from an investment affiliate of founderand chief executive George Kassiotis.
If the plan makes it through thepipeline, senior debt will be replaced by new five-year facilities that maturein October 2017 and include a “new money working capital facility” with amaximum allowance of $7.5m,
