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Who Wins?

We understand that the lead bankers involved in the Omega Navigation bankruptcy are pushing for a Chapter 7 liquidation believing that they can come out whole. This is natural as the alternative is a substantial conversion of their debt to equity, realizing a write-off and mark to market accounting on the equity. Given the young age of the fleet and market prospects in the product sector, the re-structuring scenario is far more likely.

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Written by: | Categories: Freshly Minted, Market Commentary | July 28th, 2011 |

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