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Orbital Restructures Orbital Imaging
Orbital Sciences Corporation has agreed to support the financial restructuring of its satellite imaging affiliate, Orbital Imaging Corporation (Orbimage), with a financing package that includes both cash and non-cash contributions, the company stated today. On Tuesday Sept 25 Orbimage announced that it had reached an agreement with its major shareholders, including Orbital, and an Informal Committee representing about half of the holders of its Series A Senior Notes and Series B Senior Notes, to go forward with a financial restructuring designed to strengthen its financial condition. As is customary in this type of restructuring, Orbimage intends to file a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code with a "prearranged" plan of reorganization to be agreed to by its security holders. Orbimage will most likely file the petition in the fourth quarter of 2001. Orbimage expects to maintain normal business relationships with all of its customers and suppliers. Under the terms of the agreement, Orbital would provide Orbimage with $1.2 million in cash, up to $3.6 million in secured debtor-in-possession funding and the deferral of $8.6 million provided under the Orbital/Orbimage procurement agreement, which would be converted to new secured notes to be issued by Orbimage. Upon completion of the Orbimage reorganization as set forth under the agreement, the parties will grant each other mutual releases of potential claims. Related Links Orbital Imaging Orbital SpaceDaily Search SpaceDaily Subscribe To SpaceDaily Express 
Taurus Second Stage Sinks Two Earth Observation Birds 
Vandenberg AFB - Sept. 21, 2001Friday's dual payload launch of two EO birds by Orbital Sciences has ended in failure following problems with the Taurus vehicle's second stage. Payloads lost were QuickTOMS a much waited for NASA EO sat to study ozone, and OrbView-4 a commercial imaging satellte owned by Orbital's subsidiary OrbView.
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