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ORION PICTURES MAKES ANNOUNCEMENT

 NEW YORK, Dec. 28 /PRNewswire/ -- Orion Pictures Corporation (NASDAQ-NMS: ORPCV) announced today that it has established rates of exchange for its pre-reorganization securities under its Modified Third Amended Joint Consolidated Plan of Reorganization dated October 20, 1992 (the "Plan"). The pre-reorganization securities were canceled upon confirmation of the Plan and currently represent the right to receive the new securities issued pursuant to the Plan. The following rates of exchange apply to pre-reorganization securities held of record on October 20, 1992:
 Pre-Reorganization Securities New Securities
 One share of common stock, 0.00710877 shares of
 par value $0.25 per share common stock, par value
 $0.25 per share ("New
 Orion Common Stock")
 $1,000 principal amount of 30.058288 shares of New
 10 percent Subordinated Debentures Orion Common Stock
 due 1994
 $1,000 principal amount of 30.637746 shares of
 11 percent Subordinated Sinking New Orion Common Stock
 Fund Debentures due 1998
 $1,000 principal amount of 29.203121 shares of
 10 percent Subordinated Sinking New Orion Common Stock
 Fund Debentures due 1999
 $1,000 principal amount of 36.885 shares of
 12-1/2 percent Senior Subordinated New Orion Common Stock
 Reset Notes due 1998 and $232.47 principal
 amount of Orion's
 10 percent Subordinated
 Debentures due 2001
 ("New Debentures")
 Fractional shares of New Orion Common Stock will not be distributed under the Plan. In addition, any New Orion Common Stock in amounts of less than 100 shares and any New Debentures issuable in denominations below $1,000 to be distributed to any record holder will be aggregated and sold for cash by Mellon Securities Trust Company on behalf of Orion, for the account and risk of such holders and the proceeds of such sale, net of Mellon Securities Trust Company's expenses, will be distributed by check to the respective holders pro-rata, in accordance with the Plan. Orion anticipates that letters of transmittal will be sent to record holders in the near future for use in exchanging their pre-reorganization securities for new securities.
 Orion also announced that Effective Date Net Cash Flow under the Plan was $46,020,000. As more fully described in the Plan, this amount is based upon the reorganized debtors' cash on hand, less certain permitted deductions, on the Effective Date, which was November 5, 1992. Effective Date Net Cash Flow is required to be distributed in accordance with the Plan.
 -0- 12/28/92
 /CONTACT: Amy Goldberg of Sitrick And Company, 310-788-2850; or Paul Wagner of Orion Pictures, 212-632-5745/
 (ORPCV)


CO: Orion Pictures Corp. ST: New York IN: ENT SU:

KJ-JB -- LA026 -- 0144 12/28/92 16:11 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Dec 28, 1992
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