Athens-based Omega has agreed to hand over all eight of its ships to HSH Nordbank (HSH) in exchange for nearly $10m, which will be used to cover unsettled claims, operating expenses, legal fees and other costs associated with process of pulling the final plug.
While the shipowner failed to fend off the German lender’s repeated attempts to force it into liquidation Evan Flaschen of Bracewell & Giuliani, the debtor’s Connecticut-based attorney, tells TradeWinds that the tentative resolution represents the best possible scenario for all sides.
“The
