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ORBIMAGE
Files for Bankruptcy
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Orbital Imaging
Corporation (ORBIMAGE) filed a petition for reorganization under
Chapter 11 of the U.S. Bankruptcy Code in the Eastern District of
Virginia. ORBIMAGE had  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.
The company anticipates that it has sufficient cash on hand to
carry it through the launch of OrbView 3 in September 2002.
ORBIMAGE
currently operates OrbView 1, an atmospheric imaging satellite
launched in 1995, and OrbView 2, an ocean and land multispectral
imaging satellite launched in 1997. ORBIMAGE is the exclusive U.S.
distributor of worldwide imagery from the planned Canadian
RADARSAT 2 satellite. OrbView 4 was lost in September 2001, when
the Taurus rocket failed to reach orbit.
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