8-K
filed August 24, 2023, 7:59 PM ET
CIK 0001108967
other material
confidence high
sentiment negative
materiality 1.00
Orbital Infrastructure Group, Inc.: going-concern / distress — Orbital Infrastructure Group files Chapter 11; seeks to sell two profitable subsidiaries for debt repayment
Orbital Infrastructure Group, Inc.
- Filed Chapter 11 on Aug 23, 2023; subsidiaries FLP and GTS excluded and to be sold via stalking horse bids.
- Intends to sell equity interests in FLP and GTS to respective secured lenders as stalking horse bidders under Section 363.
- Received commitment for $15.0M in debtor-in-possession (DIP) financing from FLP and GTS lenders to fund operations.
- Chapter 11 filing triggers acceleration of ~$306M in debt obligations; Nasdaq delisting expected without appeal.
- Company cites strategic alternatives process; aims to preserve profitable parts as going concerns through sale.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Orbital Infrastructure Group, Inc. faced acceleration on loan of original principal amount of approximately $33.9 million with Kurt A. Johnson.
- Instrument
- loan
- Principal
- original principal amount of approximately $33.9 million
- Counterparty
- Kurt A. Johnson
- Event
- acceleration
Exact text from the filing
● Amended and Restated Secured Promissory Note (“Johnson Note”), dated May 26, 2023, issued by the Company in favor of Kurt A. Johnson (“Johnson”), in an original principal amount of approximately $33.9 million.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Orbital Infrastructure Group, Inc. faced acceleration on term loan of original principal amount of $105.0 million with Alter Domus (US) LLC.
- Instrument
- term loan
- Principal
- original principal amount of $105.0 million
- Counterparty
- Alter Domus (US) LLC
- Event
- acceleration
Exact text from the filing
The filing of the Chapter 11 Cases constitutes an event of default that accelerated the Company Parties’ obligations under the following debt instruments (the “Debt Instruments”): ● Term Loan pursuant to that certain Credit Agreement, dated as of November 17, 2021, by and among Front Line, as borrower, the Company, as parent, and certain subsidiaries, as guarantors, and Alter Domus (US) LLC, as administrative agent and collateral agent, and the various lenders from time to time party thereto, in an original principal amount of $105.0 million.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Orbital Infrastructure Group, Inc. faced acceleration on loan of original principal amount of approximately $42.1 million with Streeterville Capital LLC.
- Instrument
- loan
- Principal
- original principal amount of approximately $42.1 million
- Counterparty
- Streeterville Capital LLC
- Event
- acceleration
Exact text from the filing
● Secured Promissory Note, dated December 9, 2022, issued by the Company to Streeterville Capital LLC (“Streeterville”), in an original principal amount of approximately $42.1 million.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Orbital Infrastructure Group, Inc. faced acceleration on loan of original principal amount of $9.5 million.
- Instrument
- loan
- Principal
- original principal amount of $9.5 million
- Event
- acceleration
Exact text from the filing
● Secured Intercompany Note (“Intercompany Note”), dated as of November 7, 2022, issued by the Company to Front Line, in an original principal amount of $9.5 million.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Orbital Infrastructure Group, Inc. faced acceleration on loan of original principal amount of approximately $43.8 million with Tidal Power Group LLC.
- Instrument
- loan
- Principal
- original principal amount of approximately $43.8 million
- Counterparty
- Tidal Power Group LLC
- Event
- acceleration
Exact text from the filing
● Amended and Restated Unsecured Promissory Note, dated November 17, 2021, issued by the Company to Tidal Power Group LLC, in an original principal amount of approximately $43.8 million.
View on SEC.gov
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
Orbital Infrastructure Group, Inc. entered chapter 11 in U.S. Bankruptcy Court for the Southern District of Texas, Houston Division (petition 2023-08-23).
- Proceeding
- chapter 11
- Court
- U.S. Bankruptcy Court for the Southern District of Texas, Houston Division
- Petition
- 2023-08-23
Exact text from the filing
On August 23, 2023 (the “Petition Date”), Orbital Infrastructure Group, Inc. (the “Company”) and certain of its subsidiaries (collectively, the “Company Parties”) filed voluntary petitions (the “Chapter 11 Cases”) under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy Court”).
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.