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Bracewell Secures 'Landmark Victory' for Omega Navigation Enterprises

December 20, 2011

Bracewell represents Athens-based Omega Navigation – a NASDAQ-traded company, which wholly owns eight tankers that ship refined petroleum products worldwide – and nine of its affiliates in Chapter 11 proceedings in Houston. In a highly-publicized decision issued by the Bankruptcy Court for the Southern District of Texas on December 19, 2011, Judge Karen Brown denied motions to dismiss or convert Omega's chapter 11 cases or for relief from stay filed by Omega's Senior Lenders and supported by Omega's Junior Lenders and Unsecured Creditors' Committee. According to Lloyd’s List – a leading publication in the maritime industry – Omega “scored a landmark victory in its Chapter 11 battle against senior lender HSH Nordbank in Houston, setting an extraordinary precedent for other foreign shipping companies seeking refuge from unpaid banks through the U.S. bankruptcy courts.”

For more information on this “landmark victory,” please visit Bracewell’s “Basis Points” blog, which offers commentary on developments in today’s restructuring, distressed debt and new investment markets.