Orbital Infrastructure gets interim access to $15 million DIP facility

By Sarah Lizee

Olympia, Wash., Aug. 28 – Orbital Infrastructure Group Inc. received interim access to a $15 million debtor-in-possession facility, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

The debtor is planning to sell its two remaining operating subsidiaries, Front Line Power Construction, LLC and Gibson Technical Services, Inc. (GTS).

Front Line and GTS each have separate primary secured creditors who are providing the DIP financing. The financing consists of two $7.5 million DIP term credit facilities.

Alter Domus (US) LLC is the DIP agent for one of the facilities, and Streeterville Capital, LLC is the lender on the other.

Both loans will bear interest at 10% per annum.

Following the interim order, the company can access $5 million of the financing.

The company said it is negotiating stalking horse bids with the lenders for the equity interests of Front Line and GTS.

Houston-based Orbital Infrastructure provides engineering, design, construction and maintenance services to customers in the electric power, telecommunications and renewables operating segments. The company filed bankruptcy on Aug. 23 under Chapter 11 case number 23-90763.

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