- The Washington Times - Tuesday, April 9, 2002


Orbital Sciences Corp.'s satellite-imagery affiliate Orbital Imaging Corp., which lost a satellite in a failed launch last year, said yesterday it has filed for Chapter 11 bankruptcy protection.

Orbital Imaging has been in talks with its bondholders, holders of preferred shares and Orbital Sciences concerning its restructuring since last fall.

In September, an Orbital Sciences rocket carrying Orbital Imaging's OrbView-4 satellite, a National Aeronatuics and Space Administration satellite and the cremated remains of 50 persons veered off course after launch and fell into the Indian Ocean.

Orbital Imaging Chief Financial Officer Armand D. Mancini said "launch delays and the failure of OrbView-4 significantly impacted our revenue expectations," but the company expects that available cash will allow it to launch its OrbView-3 satellite.

Orbital Sciences, based in Sterling, Va., makes satellites, rockets and related equipment.

New York Stock Exchange-listed Orbital Sciences shares closed yesterday at $5.40, up 9 cents, or 1.7 percent. In the past 12 months, the company lost $96 million on revenue of $415 million.

Copyright © 2019 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide