OmegaNav 50   

Omega Nav!

seems more like just someone small placing his bet. u got reply?

btw i just tot of it. how did u intend to build to ur position? anything meaningful wld push the price up

 

Movement detected. Price ahead of news?

 

the Plan was to go private..thats why the stock remained at low levels [almost 0cents in US ] since Aug.

now tht the Judge ruled otherwise, they will need to re do their re-org plan.

looks like the company will clear its crap liabilities and remain listed.

need to wait for an official announcement from OMEGA to confirm the above. Should be soon.


Buy only if you have money to lose.

 

I will, just emailed them, see if they reply.

ZeeZee      ( Date: 24-Jan-2013 21:27) Posted: do share here if u get a   reply

 

At this point, i would think it is purely a punt/gamble. Not for the faint hearted.

jomini      ( Date: 24-Jan-2013 21:11) Posted: then its value  might  have to  go down some more =(. no mention of  what price  they plan to buy back at. i was thinking it would be a bargain at this price, but only with the assumption its a dividend paying stock. still, thanks for the tip. might still turn out to be a big winner

 

do share here if u get a   reply

 

then its value  might  have to  go down some more =(. no mention of  what price  they plan to buy back at. i was thinking it would be a bargain at this price, but only with the assumption its a dividend paying stock. still, thanks for the tip. might still turn out to be a big winner

 

If they have the intention to go private they should have plan for it and stop trading of their shares. I will try to email their investor relation to find out more. 

jomini      ( Date: 24-Jan-2013 17:18) Posted: so what's in it for whoever buys in now?

 

so what's in it for whoever buys in now?

 

siao...

ZeeZee      ( Date: 24-Jan-2013 09:35) Posted: " Because the Plan does not propose to pay Omega's unsecured creditors in full, Chapter 11 does not permit a distribution to current shareholders. Accordingly, the Plan contemplates that Omega's current shareholders will not receive or retain any shares or other distributions on account of their equity interests and that Omega will emerge from Chapter 11 as a private company no longer subject to public reporting requirements." Taken from their website.

 

" Because the Plan does not propose to pay Omega's unsecured creditors in full, Chapter 11 does not permit a distribution to current shareholders. Accordingly, the Plan contemplates that Omega's current shareholders will not receive or retain any shares or other distributions on account of their equity interests and that Omega will emerge from Chapter 11 as a private company no longer subject to public reporting requirements."

Taken from their website.

 

I do not know if Omega will go private.

ZeeZee      ( Date: 24-Jan-2013 08:47) Posted: Sm, as in my question is that, no matter whether Omega emerge from Chapter 11, since it will go private anyway, is it true to say  that shareholders will not receive any returns anyway?

 

Sm, as in my question is that, no matter whether Omega emerge from Chapter 11, since it will go private anyway, is it true to say  that shareholders will not receive any returns anyway?

 

Hi ZeeZee

At this point it is a bet/punt, prepare to lose all. If they do come out of Chapt 11 and capital structure does not change, we may see some

decent returns. Not for the faint hearted.

sm 

ZeeZee      ( Date: 24-Jan-2013 08:21) Posted: Hi sacred, do advise me on this one. I rmbr seeing the plan for Omega is that they will emerge from Chapter 11 as a private company. so, am i right to say that ure betting that they will continue to stay listed.

 

Hi sacred, do advise me on this one. I rmbr seeing the plan for Omega is that they will emerge from Chapter 11 as a private company. so, am i right to say that ure betting that they will continue to stay listed.

 

For those interested in tracking the Omega US (OTC) these are the 2 sites i go to for info and price.

 

http://www.google.com/finance?q=PINK%3AONAVQ& ei=DFEAUZjUC4OckAWR1AE

 

http://www.otcmarkets.com/stock/ONAVQ/quote 

 

Hi Hem

 

Thank you for the info, i guess one they are removed form chpt 11. This baby will fly as it is already business as usual. I guess Baltic Dry Index would be a good bell weather for Omega?

 

SM 

hem2998      ( Date: 22-Jan-2013 18:12) Posted: hi SM, for one, the NAV of this stock is $15. downside risk at current px is 10 ct since it held the lows of 5c for a few months. upside potential is huge even if they are left with $5 NAV.  better then punting on Digiland or the like :P only thing is gotta sit tight and wait . i will post more as i understand the implication of Chapter 11 re-organisation. The following was on omega's website:   1 SUPPLIER FREQUENTLY ASKED QUESTIONS 1. Why did Omega file for Chapter 11? Despite our success over the past several years in implementing our business plan, a combination of factors required us to file for Chapter 11, including the maturity of our credit facilities and a dispute with our senior lenders that is the subject of pending litigation by us against them in Greece. Omega believes that the Chapter 11 process will help facilitate a restructuring, which is designed to restore the Company to long-term financial health. We are confident that the process will be successful and we will emerge as a stronger, more competitive company. 2. Does this mean that you are going out of business? Absolutely not. All of Omega’s vessels are serving our customers as usual. We believe that the Chapter 11 process will enable us to become a stronger, more competitive company and an even better business partner. 3. Does Omega have enough cash to stay in business? Yes. We have already received approval from the Bankruptcy Court to continue in the ordinary course to pay employees and crew, to maintain all insurance and to continue to operate and pay all operating expenses. 4. Will suppliers continue to be paid for goods and services provided after the Chapter 11 filing? Yes. The U.S. Bankruptcy Code gives administrative priority to payments for goods and services received after the Chapter 11 filing. 5. What happens to unpaid invoices from before Omega filed for Chapter 11 reorganization? Suppliers who provided goods or services to Omega prior to the Chapter 11 filing may have what are referred to as “pre-petition claims.” Under federal law, any such claims (i.e., those received before the Company filed for Chapter 11) are frozen and cannot be paid without specific authorization from the Bankruptcy Court. We regret the hardship or inconvenience that this may cause your company. If you have such pre-petition claims, you will be receiving additional information from the Company at a later date. 6. I have unpaid invoices dated before the bankruptcy date (i.e., pre-petition invoices). What should I do? 2 At the moment, you don’t need to do anything. Once the Bankruptcy Court has confirmed the procedures and deadlines for filing claims, you will receive a proof-of-claim form and instructions on how to file the form with the Company and the deadline for filing such form. 7. Will I need a claim form or will I automatically be paid for the outstanding, prepetition amount owed to me? Omega will make an effort to list all of its creditors in a filing with the Bankruptcy Court. Suppliers on this list will be receiving a claim form from the Company with instructions about how to file a claim. 8. Why should I continue to provide you with goods and services if I have pre-petition claims? We regret the hardship or inconvenience that our Chapter 11 filing may cause you. However, it is important to understand that under U.S. bankruptcy law, suppliers are required to fulfill all existing contractual obligations to Omega and, as noted above, Omega has authority to pay you in the ordinary course for all goods and services provided after the Chapter 11 filing date (July 8, 2011). In addition, we value our relationship with you, and we think it makes good sense for us to continue to work together. Omega’s vessels are conducting business as usual, and will continue to do so throughout the Chapter 11 process. We are using the Chapter 11 process to become a stronger, more competitive company and an even better business partner. We look forward to a mutually beneficial long-term relationship. 9. If you can’t pay me for pre-petition invoices, what assurances can you provide that I will be paid for post-petition goods and services? All claims for goods and services delivered on or after the bankruptcy date are considered administrative obligations under U.S. bankruptcy law. This means that the Company is allowed (and indeed obligated) to pay you in full and according to terms. 10. I am a supplier to one of Omega’s vessel operating subsidiaries. What is the process for submitting a proof of claim form? Due to the integrated management of these operating subsidiaries with Omega’s U.S. business, as well as the role that they play in Omega’s overall pre-petition debt structure, the U.S. Chapter 11 proceedings will function as the main proceedings with respect to the vessel operating subsidiaries. As such, you should follow the same procedures as noted above. 11. I am a supplier to one of Omega’s subsidiaries that has not filed for Chapter 11. Am I affected by the filing? No. Certain of Omega’s subsidiaries are not part of the Chapter 11 filing. Nothing will change in your relationship with those subsidiaries. sacredmarket      ( Date: 22-Jan-2013 17:51) Posted: Hem Sir   Got any views on Omega?   SM

 

hi SM,

for one, the NAV of this stock is $15.

downside risk at current px is 10 ct since it held the lows of 5c for a few months.

upside potential is huge even if they are left with $5 NAV. 


better then punting on Digiland or the like :P

only thing is gotta sit tight and wait .

i will post more as i understand the implication of Chapter 11 re-organisation. The following was on omega's website:

  1
SUPPLIER FREQUENTLY ASKED QUESTIONS
1. Why did Omega file for Chapter 11?
Despite our success over the past several years in implementing our business plan, a
combination of factors required us to file for Chapter 11, including the maturity of our credit
facilities and a dispute with our senior lenders that is the subject of pending litigation by us
against them in Greece.
Omega believes that the Chapter 11 process will help facilitate a restructuring, which is
designed to restore the Company to long-term financial health. We are confident that the
process will be successful and we will emerge as a stronger, more competitive company.
2. Does this mean that you are going out of business?
Absolutely not. All of Omega’s vessels are serving our customers as usual. We believe that
the Chapter 11 process will enable us to become a stronger, more competitive company and
an even better business partner.
3. Does Omega have enough cash to stay in business?
Yes. We have already received approval from the Bankruptcy Court to continue in the
ordinary course to pay employees and crew, to maintain all insurance and to continue to
operate and pay all operating expenses.
4. Will suppliers continue to be paid for goods and services provided after the
Chapter 11 filing?
Yes. The U.S. Bankruptcy Code gives administrative priority to payments for goods and
services received after the Chapter 11 filing.
5. What happens to unpaid invoices from before Omega filed for Chapter 11
reorganization?
Suppliers who provided goods or services to Omega prior to the Chapter 11 filing may have
what are referred to as “pre-petition claims.” Under federal law, any such claims (i.e., those
received before the Company filed for Chapter 11) are frozen and cannot be paid without
specific authorization from the Bankruptcy Court. We regret the hardship or inconvenience
that this may cause your company. If you have such pre-petition claims, you will be receiving
additional information from the Company at a later date.
6. I have unpaid invoices dated before the bankruptcy date (i.e., pre-petition invoices).
What should I do?
2
At the moment, you don’t need to do anything. Once the Bankruptcy Court has confirmed the
procedures and deadlines for filing claims, you will receive a proof-of-claim form and
instructions on how to file the form with the Company and the deadline for filing such form.
7. Will I need a claim form or will I automatically be paid for the outstanding, prepetition
amount owed to me?
Omega will make an effort to list all of its creditors in a filing with the Bankruptcy Court.
Suppliers on this list will be receiving a claim form from the Company with instructions about
how to file a claim.
8. Why should I continue to provide you with goods and services if I have pre-petition
claims?
We regret the hardship or inconvenience that our Chapter 11 filing may cause you. However,
it is important to understand that under U.S. bankruptcy law, suppliers are required to fulfill all
existing contractual obligations to Omega and, as noted above, Omega has authority to pay
you in the ordinary course for all goods and services provided after the Chapter 11 filing date
(July 8, 2011). In addition, we value our relationship with you, and we think it makes good
sense for us to continue to work together. Omega’s vessels are conducting business as
usual, and will continue to do so throughout the Chapter 11 process. We are using the
Chapter 11 process to become a stronger, more competitive company and an even better
business partner. We look forward to a mutually beneficial long-term relationship.
9. If you can’t pay me for pre-petition invoices, what assurances can you provide that
I will be paid for post-petition goods and services?
All claims for goods and services delivered on or after the bankruptcy date are considered
administrative obligations under U.S. bankruptcy law. This means that the Company is
allowed (and indeed obligated) to pay you in full and according to terms.
10. I am a supplier to one of Omega’s vessel operating subsidiaries. What is the
process for submitting a proof of claim form?
Due to the integrated management of these operating subsidiaries with Omega’s U.S.
business, as well as the role that they play in Omega’s overall pre-petition debt structure, the
U.S. Chapter 11 proceedings will function as the main proceedings with respect to the vessel
operating subsidiaries. As such, you should follow the same procedures as noted above.
11. I am a supplier to one of Omega’s subsidiaries that has not filed for Chapter 11.
Am I affected by the filing?
No. Certain of Omega’s subsidiaries are not part of the Chapter 11 filing. Nothing will
change in your relationship with those subsidiaries.

sacredmarket      ( Date: 22-Jan-2013 17:51) Posted: Hem Sir   Got any views on Omega?   SM  hem2998      ( Date: 22-Jan-2013 17:41) Posted: SGX has introduced a Watch-list for companies listed on Mainboard. With effect from 1 March 2008, quarterly reviews will be carried out on issuers to determine if they meet the minimum continuing criteria. This is part of SGX’s ongoing efforts to improve the overall quality of listed companies in Singapore, and promote investor confidence of the marketplace. The Watch-list rules do not apply to investment funds, real-estate investment trusts, business trusts, global depository receipts (GDRs) and secondary-listed companies listed on the Mainboard.

 

Hem Sir

  Got any views on Omega?

 

SM 

hem2998      ( Date: 22-Jan-2013 17:41) Posted: SGX has introduced a Watch-list for companies listed on Mainboard. With effect from 1 March 2008, quarterly reviews will be carried out on issuers to determine if they meet the minimum continuing criteria. This is part of SGX’s ongoing efforts to improve the overall quality of listed companies in Singapore, and promote investor confidence of the marketplace. The Watch-list rules do not apply to investment funds, real-estate investment trusts, business trusts, global depository receipts (GDRs) and secondary-listed companies listed on the Mainboard.

 

i guess OMEGA does not need to meet any requirement?

  see here


http://info.sgx.com/weblist.nsf/73e958167365740648257561002c6945/4825654e0028b59a482571ae0035755f?OpenDocument

sacredmarket      ( Date: 22-Jan-2013 17:28) Posted: Put under watchlist and make sure by xx months got to turn around? hem2998      ( Date: 22-Jan-2013 12:30) Posted: an interesting development. however, the market cap is low, will SGX delist this counter?