ENTERTAINMENT

Orion Debt to Be Guaranteed: Orion Pictures Corp. confirmed that its majority shareholder, Metromedia Co., has offered to guarantee Orion’s bank debt as part of a bankruptcy reorganization. Metromedia is held privately by the billionaire John W. Kluge. Kluge has also proposed to forgive $29 million owed him from the film “Mermaids” and to infuse $15 million of cash. Orion did not attempt to value the debt guarantee proposed by Kluge, which is still being negotiated between Metromedia and the banks. Orion has been in Chapter 11 bankruptcy since December.