Orbital Infrastructure Group, Inc., filed a motion in the US Bankruptcy Court for the sale of shares of Gibson Technical Services, Inc and Front Line Power Construction, LLC on August 24, 2023. The debtor seeks the Court?s approval for the sale of shares of Gibson Technical Services, Inc and Front Line Power Construction, LLC to Streeterville Capital, LLC as GTS Stalking Horse Purchase and Ocelot Bidco LLC as Front Line Stalking Horse Purchase, for a purchase price of $40 million and approx. $171 million respectively pursuant to the asset purchase agreement, dated August 24, 2023.

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 September 19, 2023, along with good-faith deposit in the amount of 10% of the bid price. The initial minimum overbid should be at least $5 million more than the initial purchase price.

The debtor has scheduled an auction on September 20, 2023. At the auction, the subsequent bids would be in increments of $5 million. The sale hearing is scheduled for September 21, 2023.

The proceeds from the sale would be used to pay off the amount owed to the debtor?s pre-petition lender.