DULLES, Va., Feb. 15 /PRNewswire/ -- Orbital Imaging Corporation (ORBIMAGE) announced today that it is not making the interest payment scheduled to be paid on March 1, 2001 to its bondholders and has retained Rothschild Inc. as its financial advisor to assist, among other things, in restructuring these obligations. ORBIMAGE currently has $225 million in Senior Notes at 11 5/8% interest, which mature in 2005. ORBIMAGE is having discussions with Orbital Sciences Corporation, its largest shareholder, and others in pursuit of additional sources of capital to meet its future funding needs.
ORBIMAGE is a leading global provider of Earth imagery products and services, with a planned constellation of five digital remote sensing satellites. The company currently operates the OrbView-1 atmospheric imaging satellite (launched in 1995), the OrbView-2 ocean and land multispectral imaging satellite (launched in 1997), and a worldwide integrated image receiving, processing and distribution network. Currently under development, ORBIMAGE's OrbView-3 and OrbView-4 high-resolution satellites will offer one- meter panchromatic and four-meter multispectral digital imagery. OrbView-4 will also offer the world's first commercial hyperspectral satellite imagery. ORBIMAGE is also the exclusive distributor of imagery from the Canadian RADARSAT-2 satellite in the United States.
ORBIMAGE currently offers one-meter high-resolution panchromatic imagery of major U.S. and non-U.S. urban areas through its OrbView Cities catalog, available at http://www.orbimage.com . In addition, ORBIMAGE distributes satellite imagery from SPOT Image, RADARSAT International and Russia's two- meter satellite program. ORBIMAGE also offers the SeaStar Pro Fisheries Information Service, which provides fish finding maps derived from OrbView-2 Ocean imagery to fishing customers worldwide. SOURCE Orbital Imaging Corporation
CONTACT: Barron Beneski for ORBIMAGE, 703-406-5528, or Beneski.email@example.com/