Orion Clears Reorganization Hurdle: A federal bankruptcy judge in Manhattan has approved Orion Pictures Corp.'s disclosure statement that lays the financial framework for the company's reorganization, clearing one of the last obstacles to Orion's emergence from bankruptcy. Judge Burton Lifland dismissed creditors' objections to the statement. The deadline for Orion's creditors to vote on the reorganization plan is Oct. 15. The hearing on the confirmation of the plan is scheduled for Oct. 20. Orion, which produced the Academy Award-winning "Silence of the Lambs," posted a $312-million net loss for fiscal 1992.