Orbital Infrastructure Group Files for Chapter 11 in Texas (1)

Orbital Infrastructure Group Inc. filed for Chapter 11 bankruptcy protection in the Southern District of Texas court, according to a filing.

• Filing excludes Front Line Power Construction and Gibson Technical Services, the company says in a separate filing
  • Plans to sell the two companies to their lenders separately
  • Any sale will be subject to bankruptcy court approval
• Company has received commitments for two debtor-in-possession financing credit agreements with the FLP lenders and the GTS lender
  • DIP financing will provide $15 million of incremental liquidity following the petition filing
• NOTE: Company estimated liabilities of $100m-$500m
  • Estimated assets of $10m-$50m

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