The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of shares of Gibson Technical Services, Inc and Front Line Power Construction, LLC of Orbital Infrastructure Group, Inc., on September 20, 2023. The Court approved the asset purchase agreement between the debtor and Streeterville Capital, LLC as GTS Stalking Horse Purchase and Ocelot Bidco LLC as Front Line Stalking Horse Purchase, for the sale of its equity interest for a purchase price of $40 million and approx. $171 million respectively.

The debtor?s assets include All of the issued and outstanding shares of common stock of Gibson Technical Services, Inc and Front Line Power Construction, LLC respectively. To qualify as a qualified bidder, interested parties should submit their bids by October 3, 2023. The initial minimum overbid should be in the amount of $2.5 million more than the initial purchase price.

If the debtor receives any qualified bids then it would hold an auction for its assets on October 4, 2023. At the auction, the subsequent bids would be in increments of $2.5 million. The sale hearing is scheduled for October 5, 2023.