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Orbital Restructures Orbimage Finances
Vandenberg AFB - Sept. 21, 2001 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. Community Email This Article Comment On This Article Related Links Orbital Imaging Orbital 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. |
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