Orion Pictures said yesterday that it planned to lay off much of its 400-member staff.

Orion Pictures liked the script and was looking for a good film at a modest price with mainstream appeal.

Orion Pictures edged up 3/8, to 2 1/4, on 3.1 million shares.

Orion Pictures could not count on any such help in 1989 when it had a disastrous slate of 13 films.

Orion Pictures raised $268 million in junk bond financing.

Orion Pictures announced details of its plan to reorganize and remain an independent film-production company.

The film was made in 1990 but not released until 1994 due to the bankruptcy of Orion Pictures.

Orion Pictures said it would release 12 films in 1992 that were delayed this year because of money problems.

Orion Pictures had bought Daley's book for $500,000 in 1978.

It was also his last film for Orion Pictures.