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ORION PICTURES ANNOUNCES THAT ITS PLAN OF REORGANIZATION EFFECTIVE TODAY; REPORTS FINANCIAL RESULTS FOR FIRST HALF OF FISCAL 1993

ORION PICTURES ANNOUNCES THAT ITS PLAN OF REORGANIZATION EFFECTIVE
 TODAY; REPORTS FINANCIAL RESULTS FOR FIRST HALF OF FISCAL 1993
 LOS ANGELES, Nov. 5 /PRNewswire/ -- Orion Pictures Corporation announced today that its Modified Third Amended and Restated Plan of Reorganization became effective today. As previously reported, the Company's Plan was confirmed on October 20, 1992 by the United States Bankruptcy Court for the Southern District of New York. Pursuant to the Plan, the outstanding common and preferred stock and all the outstanding subordinated debentures of the Company have been canceled and the Company will issue 20 million shares of new Common Stock, $50 million principal amount of its 10 percent Subordinated Debentures due October 31, 2001 as well as certain Talent Notes and Creditor Notes issued to holders of Participation and Guild claims, and unsecured general creditors, respectively. The Company has applied for listing of the new Common Stock on the NASDAQ National Market System and is awaiting approval of its application.
 The Company has also restructured its previous credit agreements with its bank lenders and a related letter of credit held by Sony Pictures Entertainment, Inc. As previously reported, Metromedia Company has guaranteed payment of the bank debt, including certain amounts that may be drawn by Sony under the letter of credit.
 The Company also reported today that for the first quarter of fiscal 1993, which ended May 31, 1992, the Company recognized revenues from continuing operations of $80,782,000 and incurred a loss from continuing operations and a net loss of $10,735,000, or $.48 per share. In the first quarter of the preceding fiscal year, the Company reported revenues from continuing operations of $172,089,000, income from continuing operations of $5,373,000 or $.23 per share and a net loss of $24,806,000, or $1.07 per share.
 The Company also reported today that for the second quarter of fiscal 1993, which ended August 31, 1992, the Company recognized revenues from continuing operations of $35,103,000 and incurred a loss from continuing operations and a net loss of $11,427,000, or $.51 per share. In the second quarter of the preceding fiscal year, the Company reported revenues from continuing operations of $133,785,000, a loss from continuing operations of $47,015,000, or $2.09 per share, and a net loss of $48,075,000, or $2.14 per share.
 Revenues from continuing operations for the six-month period ended August 31, 1992 were $115,885,000, and the Company incurred a loss from continuing operations and a net loss of $22,162,000 or $.99 per primary and fully diluted share. For the comparable six- month period in fiscal 1992, the Company reported revenues from operations of $305,874,000, a loss from continuing operations of $41,642,000, or $1.83 per primary share and $1.85 per fully diluted share, and a net loss of $72,881,000, or $3.20 per primary share and $3.24 per fully diluted share.
 The per-share amounts set forth above are based on the common stock of the Company that was outstanding before the effectiveness of the Company's Modified Third Amended and Restated Plan of Reorganization, which occurred today, and pursuant to which, as noted above, the previously outstanding shares of common stock were canceled. Holders of the Company's previously outstanding common and preferred stock will receive 0.8 percent and 0.1 percent, respectively, of the reorganized Company's newly issued common shares, and all outstanding options to purchase the former common stock pursuant to the Company's stock option plans were canceled. In future periods the Company's per-share earnings and losses to be reported will be based on the shares of the Company's new Common Stock then outstanding and previously reported per-share amounts will be restated on a consistent basis.
 -0- 11/5/92
 /CONTACT: Michael Sitrick or Jeff Lloyd of Sitrick And Company, 310-788-2850, for Orion Pictures; or Paul Wagner of Orion Pictures Corp., 212-632-5745/ CO: Orion Pictures Corp. ST: California IN: ENT SU: ERN


LS-JL -- LA035 -- 7966 11/05/92 17:23 EST
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Date:Nov 5, 1992
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