Orbital Imaging Corporation (ORBIMAGE)
announced today that its final plan of reorganization under Section 1129 of
the U.S. Bankruptcy Code was confirmed by the United States Bankruptcy Court
for the Eastern District of Virginia. The Confirmation Order was signed by
Judge Robert G. Mayer on October 24, 2003. The final Effective Date for the
plan, and ORBIMAGE’s emergence from Chapter 11, is now anticipated to occur in
the near future.
“The Confirmation Order is a significant milestone for ORBIMAGE because it
means we’re through with the bankruptcy court process and can now focus all
our energy on executing our business plan. Once we complete the transfer of
certain licenses, we can emerge from bankruptcy,” said Matthew O’Connell,
ORBIMAGE’s Chief Executive Officer. Mr. O’Connell also added, “The timing of
our confirmation is terrific. We now have a sound capital structure and our
new OrbView-3 high-resolution satellite is generating great imagery as it
nears completion of its final check-out. ORBIMAGE is grateful to our many
customers who have stood by us through this process, and we look forward to
supplying them with our new high resolution imagery and products beginning in
the first quarter of next year.”
About ORBIMAGE:
ORBIMAGE is a leading global provider of Earth imagery products and
services, with a constellation of digital remote sensing satellites and a
worldwide integrated image receiving, processing and distribution network.
The company currently operates the OrbView-2 ocean and land multispectral
imaging satellite that was launched in 1997, and the new OrbView-3 high-
resolution satellite launched on June 26, 2003 which will soon offer one-meter
panchromatic and four-meter multispectral digital imagery on a global basis.
More information about ORBIMAGE and the status of the OrbView-3 check out,
please see our web site at http://www.orbimage.com.
