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Strategies & Market Trends : Rande Is . . . HOME -- Ignore unavailable to you. Want to Upgrade?

To: ALTERN8 who wrote (55135)	10/4/2001 3:31:00 PM
From: Bucky Katt	Respond to of 57584

An airline that makes money, interesting> usatoday.com ORB, will take a look....

To: ALTERN8 who wrote (55135)	10/4/2001 3:55:28 PM
From: Tradelite	Respond to of 57584

This story mentions Orbital, in case you're interested. __________ Va. Satellite Firm Files Plan to Reorganize Orbital Imaging's Move Follows Satellite Loss By Nicholas Johnston Washington Post Staff Writer Wednesday, September 26, 2001; Page E05 Orbital Imaging Corp., a struggling satellite company based in Dulles, announced yesterday that it is filing a prepackaged bankruptcy plan under Chapter 11. On Friday, Orbital Imaging lost its OrbView-4 satellite after apparent problems with the rocket sent the satellite plunging into the Indian Ocean. In a statement on the Chapter 11 filing, Orbital Imaging did not say if the bankruptcy filing was linked to the loss of the satellite. The company reached an agreement with a majority of its bondholders and its largest shareholder, Dulles-based Orbital Sciences Corp., that will allow Orbital Imaging to "strengthen its financial condition" and raise additional funding, according to the statement. Orbital Sciences built the rocket that was to take the OrbView-4 satellite into orbit. Terms of the reorganization assume the company will be able to borrow at least $6 million and secure from Orbital Sciences $1.2 million in funding. Orbital Sciences agreed to make a $3.6 million line of credit available to Orbital Imaging through "debtor-in-possession" financing. Also under the agreement, $8.6 million that Orbital Imaging owes Orbital Sciences is to be converted into new bonds. The reorganization is subject to approval by two-thirds of the company's bondholders and shareholders, as well as receipt of the $6 million in additional debt financing and the funding from Orbital Sciences. Last year, another Orbital Sciences subsidiary, Orbcomm Global LP, filed for bankruptcy after failing to make interest payments on bonds. That company, which was a joint venture with Teleglobe Inc., offered satellite-based two-way monitoring, messaging and tracking services involving industrial equipment. Orbital Imaging provides satellite photography of major cities worldwide and operates two satellites, an atmospheric-imaging satellite, OrbView-1, launched in 1995, and an ocean- and land-imaging satellite, OrbView-2, launched in 1997. It also serves as a distributor for other satellite imagery. The company is focused on launching another satellite, OrbView-3. © 2001 The Washington Post Company