The Daily Docket: Omega Navigation Files for Bankruptcy

Shipping company Omega Navigation Inc. and nine of its subsidiaries filed for Chapter 11 bankruptcy protection in Texas Friday after failing to strike a deal with its senior lenders on an out-of-court debt restructuring. Read the Daily Bankruptcy Review story here.

GSC Group Inc. won court approval to sell itself to lenders led by Black Diamond Capital Management LLC after a bankruptcy judge deemed it “the only plausible exit strategy” for the hedge-fund manager. Read the Daily Bankruptcy Review Small Cap story here.

(The Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial to DBR, click here. For DBR SC click here.)

The Quiznos sandwich chain has brought in restructuring advisers to help rework its finances, The Wall Street Journal reports, as the company struggles with a sales slump and a looming debt default.

Hong Kong regulators have reached an agreement with the local retail-banking unit of Citigroup Inc. under which the bank will offer to buy back $136.2 million of Lehman Brothers-related products from investors, WSJ reports.

The Boston Globe visits Central Falls, R.I., one of New England’s most distressed cities, which is on the cusp of filing for bankruptcy protection.

Musicians and management of the Philadelphia Orchestra have agreed to a temporary contract extension while the cash-strapped institution is in bankruptcy court, the Associated Press reports.

The judge overseeing the Los Angeles Dodgers bankruptcy has a message for fans of the team: save the trash talk for the ballpark, Reuters reports.