Orbimage Set To Clears Remaining Hurdle To Exit Bankruptcy

EARTH OBSERVATION

Dulles - Sep 16, 2003
Orbital Imaging Corporation has reached a settlement agreement with MacDonald Dettwiler & Associates, Ltd. (MDA) of Vancouver, Canada concerning its remaining marketing rights in the long-delayed Canadian Radarsat-2 satellite program.

In exchange for payments totaling $12 million over the next 2 years, Orbimage agreed to end its dispute and return its limited licenses in Radarsat-2 back to MDA, the prime contractor for the program. Furthermore, resolution of its dispute concerning Radarsat-2 now enables Orbimage to finalize its plan of reorganization and emerge from its Chapter 11 bankruptcy case.

"Our decision to sell our limited marketing rights in the Radarsat-2 program and return them back to MDA serves both organizations well. With the cash proceeds from the settlement, Orbimage will now focus its efforts solely on our core business of expanding the worldwide markets for high-resolution data from our new OrbView-3 satellite, while MDA works to resolve the continued delays in the Radarsat-2 program," said Matthew O'Connell, Orbimage's Chief Executive Officer.

Under the terms of the settlement agreement, Orbimage will immediately receive $10 million from MDA, and another $2 million over the next two years. "Proceeds from this settlement further strengthens Orbimage's financial position and allows us to concentrate on bringing our OrbView-3 satellite into service as soon as possible," said Armand D. Mancini, Orbimage's Executive Vice President and CFO.

"This transaction enhances our balance sheet and long-term viability so we can quickly exit from Chapter 11. We hope to obtain confirmation of our plan by the end of October, 2003."

"Progress on the check out and calibration of OrbView-3 continues to go exceptionally well," said Timothy J. Puckorius, Orbimage's Senior Vice President for Worldwide Marketing and Sales.

"We are already mid-way through Phase-2 of the check out plan, and the early results on image quality look great. At this rate of progress, we hope to complete all check-out phases by the end of November and we may start delivering imagery to our key customers before that date."

EARTH OBSERVATION

Orbimage Completes Voluntary Bankruptcy Filing

Dulles - Apr 8, 2002
Orbimage announced Monday that it has acted on its previously announced plans and filed a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the Eastern District of Virginia. Orbimage previously indicated that it intended to take such action in furtherance of its plans to reorganize and has been in negotiations with its bondholders, holders of its Series A Preferred Stock and Orbital Sciences Corporation concerning its restructuring since last year.

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

The content herein, unless otherwise known to be public domain, are Copyright 1995-2016 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.