Printer Friendly

ORION PICTURES DETAILS AGREEMENT PLAN

 ORION PICTURES DETAILS AGREEMENT PLAN
 NEW YORK, June 4 /PRNewswire/ -- Orion Pictures Corporation


(NYSE: OPC) said today that, as previously announced, it had reached an agreement in principle with Metromedia Company (its majority shareholder) and Orion's Committee of Unsecured Creditors (comprised primarily of bondholders, Guild, trade creditors and talent participants) with respect to a stand-alone reorganization plan. Under the proposed plan, 85 percent of Orion's net cash flow would be paid to Orion's banks and certain other creditors in respect of their claims until paid in full. With certain exceptions, the remaining 15 percent of Orion's net cash flow would be paid to the holders of third party participations and residuals and to trade creditors until paid in full. After Orion's banks and certain other creditors are paid in full, 100 percent of Orion's net cash flow would be paid to such holders of participations and residuals and to trade creditors.
 Holders of Orion's subordinated debt would receive an aggregate of 49 percent of the equity of the reorganized company and 9-year zero- coupon subordinated debentures in the aggregate face amount of $100 million, accreting at 10 percent per annum. Payment of the then accreted value of the new zero-coupon debentures would be made from Orion's net cash flow after payment in full to holders of third party participations and residuals and to trade creditors.
 The plan also would provide that Metromedia would, among other things, invest $15 million in cash and assign its interests in certain proceeds from the film "Mermaids" to the Company, in exchange for 50.1 percent of the equity of the reorganized company. Holders of Orion's common and preferred stock would receive an aggregate of .9 percent of the equity in the reorganized company.
 The agreement in principle is conditioned on the filing of the above-described plan of reorganization with the Bankruptcy Court no later than June 21, 1992 and the confirmation of the plan by final order of the Bankruptcy Court no later than September 30, 1992.
 The implementation of the plan is subject to certain conditions, including definitive documentation, approval by Orion's Board of Directors and certain of Orion's creditors, and confirmation by the Bankruptcy Court.
 -0- 6/4/92
 /CONTACT: Paul Wagner of Orion Pictures, 212-632-5745, or Michael Sitrick or Amy Goldberg of Sitrick and Company, 310-788-2850, for Orion Pictures/
 (OPC) CO: Orion Pictures ST: New York IN: ENT SU: RCN


AL -- LA030 -- 7269 06/04/92 18:28 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 4, 1992
Words:408
Previous Article:TRAVEL WEEKLY REPORTS 'UNPRECEDENTED UPROAR' OVER AIR FARES
Next Article:BRAJDAS CORP. ANNOUNCES RESULTS
Topics:


Related Articles
FOOTE, CONE & BELDING ISSUES STATEMENT ON ORION BANKRUPTCY FILING
ORION PICTURES BOARD AUTHORIZES NEGOTIATION, CONCLUSION OF LETTER OF INTENT WITH NEW LINE, METROMEDIA FOR PLAN OF REORGANIZATION
ORION BOARD APPROVES TERMS OF REORGANIZATION PROPOSAL
ORION RELEASES STATEMENT
ORION PICTURES CORP. ANNOUNCES ITS BOARD OF DIRECTORS HAS AUTHORIZED THE COMPANY TO CONCLUDE AND FILE A PLAN OF REORGANIZATION
ORION PICTURES FILES DISCLOSURE STATEMENT
ORION PICTURES CORP. ANNOUNCES RECORD DATE FOR HOLDERS OF ITS SECURITIES
ORION PICTURES ANNOUNCES THAT ITS PLAN OF REORGANIZATION EFFECTIVE TODAY; REPORTS FINANCIAL RESULTS FOR FIRST HALF OF FISCAL 1993

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters