OrbImage emerges from Chapter 11

By Jeff Pines

Washington, Jan. 5 - OrbImage emerged from Chapter 11 on Dec. 31. Before its reorganization, the company was known as Orbital Imaging Corp.

As part of the plan, all of the company's debt and stock were cancelled. Former debtholders received $50 million in new senior subordinated notes due 2008 and 6 million shares of common stock, which represents about 99% of the new company's outstanding stock.

In addition, those who had certain debt obligations received $19 million in new senior notes due 2008 and holders of the company's series A preferred stock got warrants to by up to 319,000 common shares.

The U.S. Bankruptcy Court for the Eastern District of Virginia approved the Dulles, Va.-based satellite operator's final plan on Oct. 24. It filed for bankruptcy in April 2002.

The company said it has a sales backlog of $250 million.

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