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Orbimage
to Miss Bond Interest Payment
Orbital Imaging
Corporation (Orbimage) is not going to make the interest payment
scheduled to be paid on March 1, 2001 to its  bondholders.
Orbimage currently has US$225 million in Senior Notes at 11 5/8%
interest, which mature in 2005. Orbimage is having discussions with
Orbital Sciences Corporation, its largest shareholder, and others in
pursuit of additional sources of capital to meet its future funding
needs.
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 has plans to launch a pair of
satellites capable of taking images with a 1 m (3 ft) resolution.
However, both satellites, OrbView 3 and OrbView 4, have been delayed
and are now scheduled for launch in the third and second quarter of
this year. Orbimage also has agreements to distribute satellite
imagery from Spot Image, Radarsat International and Russia's
two-meter satellite program.
Orbimage
has retained Rothschild Inc. as its financial advisor to assist in
restructuring its obligations.
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