Orbital Imaging Corporation said Monday that its final plan of reorganization under Section 1129 of the U.S. Bankruptcy Code was confirmed by the United States Bankruptcy Court for the Eastern District of Virginia. The Confirmation Order was signed by Judge Robert G. Mayer on October 24, 2003. The final Effective Date for the plan, and Orbimage's emergence from Chapter 11, is now anticipated to occur in the near future.
"The Confirmation Order is a significant milestone for Orbimage because it means we're through with the bankruptcy court process and can now focus all our energy on executing our business plan. Once we complete the transfer of certain licenses, we can emerge from bankruptcy," said Matthew O'Connell, Orbimage's Chief Executive Officer.
Mr. O'Connell added, "the timing of our confirmation is terrific. We now have a sound capital structure and our new OrbView-3 high-resolution satellite is generating great imagery as it nears completion of its final check-out.
"Orbimage is grateful to our many customers who have stood by us through this process, and we look forward to supplying them with our new high resolution imagery and products beginning in the first quarter of next year."
