Orion likely to step out of Chapter 11 today

Orion Pictures is expected to emerge from its Chapter 11 bankruptcy today as a newly reorganized company.

It will function primarily as a library sales operation with plans to re-emerge in limited production and distribution.

Although details of the company’s final closing were unavailable late yesterday, no appeals had been filed since the company’s confirmation hearing before Judge Berton Lifland in U.S. Bankruptcy Court in New York Oct. 20.

At that time, only two objections had been filed: one from director Woody Allen’s Francesca Films and the second from producer Cinemagic.

Lifland overruled Cinemagic’s objection to its class certification and he overruled Allen’s claim that a reorganized Orion would be obligated to honor terms of a 1983 agreement to provide financing, production and distribution of his 12 films (Daily Variety, Oct. 21).

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