Orbital Infrastructure cancels auction, names lenders winning bidders

By Sarah Lizee

Olympia, Wash., Oct. 4 – Orbital Infrastructure Group Inc. canceled an auction for its two remaining operating subsidiaries, Front Line Power Construction, LLC and Gibson Technical Services, Inc. (GTS), after receiving no qualified competing bids by the deadline, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, the company negotiated stalking horse bids with lenders of GTS and Front line for the equity interests of the companies.

Lender Streeterville Capital, LLC offered to purchase GTS for $40 million through a credit bid.

An entity formed by prepetition term loan lenders and Alter Domus (US) LLC offered to purchase Front line for about $171 million through a credit bid.

Competing bids were due by 6 p.m. ET on Oct. 3, and the auction was set for Oct. 4. A sale hearing is scheduled for Oct. 5.

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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