- The Washington Times - Tuesday, April 9, 2002

ASSOCIATED PRESS

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.


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