Ocean Dumping Companies Conservatorship Act of 1989

Ocean Dumping Companies Conservatorship Act of 1989 - Authorizes the Administrator of the Environmental Protection Agency to appoint a conservator to take over the control of an ocean dumping company whenever: (1) the owner of a company engaged in transporting sewage sludge to an ocean dumping site intends to cease operations; and (2) an environmentally acceptable alternative for disposal of the sewage sludge does not exist.

Requires the conservator to become vested with the title of the company subject to the conservatorship. Sets forth general duties and powers of the conservator. Authorizes the conservator, subject to certain conditions, to dispose of any company property during the conservatorship. Requires the conservator, at the Administrator's direction, to pay all secured obligations.

Provides for compensation to the conservator.

Authorizes the Administrator to require purchasers of company property to assume the debts of such company.

Requires compensation to be made to the owner of the company by the conservator, with the Administrator's approval.

Provides for the proceeds from the disposition of any company property to be paid to the owner. Discontinues the conservatorship when all company property subject to the conservatorship has been disposed or when the Administrator determines the discontinuance to be in the public interest.