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ORION ISSUES STATEMENT

 ORION ISSUES STATEMENT
 NEW YORK, Dec. 11 /PRNewswire/ -- Orion Pictures Corporation


(NYSE: OPC) announced today that it has filed a petition in United States Bankruptcy Court for the Southern District of New York in Manhattan for protection under Chapter 11 of the Bankruptcy Code. The company intends to reorganize its financial affairs with a view to emerging from bankruptcy in reorganized form.
 William Bernstein, president of Orion said, "We have taken this step because our discussions with the bondholders have broken down and making this filing is the best course under the circumstances to protect all the company's creditors and shareholders, as well as to facilitate the ultimate restructuring of the company's debt.
 "Under the protection of the Bankruptcy Court, and with the support of Metromedia Company, our majority shareholder, we will pursue all available avenues to enable Orion Pictures to return to financial strength, to retain its ability to produce high- quality motion picture entertainment and to complete the release of its current slate of motion pictures in a timely fashion," he said.
 -0- 12/11/91
 /CONTACT: Michael Sitrick or Amy Goldberg of Sitrick And


Company, 310-788-2850, for Orion Pictures/
 (OPC) CO: Orion Pictures Corp. ST: California IN: ENT SU:


CH -- LA014 -- 2332 12/11/91 14:36 EST
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Publication:PR Newswire
Date:Dec 11, 1991
Words:211
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