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ORION PICTURES ANNOUNCES RECEIPT OF REORGANIZATION PROPOSAL FROM SAVOY PICTURES ENTERTAINMENT

 ORION PICTURES ANNOUNCES RECEIPT OF REORGANIZATION PROPOSAL
 FROM SAVOY PICTURES ENTERTAINMENT
 NEW YORK, April 9 /PRNewswire/ -- Orion Pictures Corporation (NYSE: OPC) announced today that it had received a preliminary proposal from Savoy Pictures Entertainment Inc. to reorganize Orion.
 Leonard White, interim president and chief executive officer of Orion, said the company is reviewing the Savoy proposal, and is continuing to hold discussions with other third parties, including New Line Cinema.
 On Feb. 6, 1992, Orion's Board of Directors voted to approve in principle the terms of a joint proposal by New Line and Metromedia to reorganize Orion. At that time, the company stated the agreement was subject to Orion's ability to negotiate and accept higher and better offers.
 -0- 4/9/92
 /CONTACT: Amy Goldberg of Sitrick And Company, 310-788-2850, for Orion Pictures; or Paul Wagner of Orion Pictures, 212-632-5745/
 (OPC) CO: Orion Pictures Corp.; Savoy Pictures Entertainment Inc. ST: New York IN: ENT SU:


KJ-JL -- LA023 -- 6985 04/09/92 17:26 EDT
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Publication:PR Newswire
Date:Apr 9, 1992
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