From Times Staff and Wire Reports

Orion Terminates Exchange Offer: Orion Pictures Corp., as expected, said it has called off its exchange offer announced last May that sought to swap $385 million in debt for a new package of debt and stock securities. That plan had been superseded by Orion's announcement earlier in the week that it had reached a tentative agreement that would give noteholders 70% control of its common stock and require majority owner John W. Kluge to infuse $50 million into the company.

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