 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
Orbimage Set To Clears Remaining Hurdle To Exit Bankruptcy
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." Community Email This Article Comment On This Article Related Links Orbimage SpaceDaily Search SpaceDaily Subscribe To SpaceDaily Express Earth Observation News - Suppiliers, Technology and Application
Space Imaging Awarded Additional $24 Mln From Pentagon's NGA
Denver CO (SPX) Jan 9, 2006The National Geospatial-Intelligence Agency (NGA) Friday awarded a $24-million satellite imagery contract extension to Space Imaging. This ClearView contract option enables the NGA to acquire additional commercial imagery from Space Imaging's IKONOS satellite for another year. |
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2006 - SpaceDaily.AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA PortalReports are copyright European Space Agency. All NASA sourced material is public domain. Additionalcopyrights 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 SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement |
