--- schema_version: "secwatch.filing_event.v1" accession: "0001437749-23-024627" form_type: "8-K" ticker: null cik: "0001108967" company_name: "Orbital Infrastructure Group, Inc." filed_at: "2023-08-24T23:59:59+00:00" generated_at: "2026-06-11T03:52:33.360888+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 1.0 calibrated_materiality_score: 1.0 confidence: "high" source: SEC EDGAR --- # Orbital Infrastructure Group files Chapter 11; seeks to sell two profitable subsidiaries for debt repayment ## Summary - 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. ## SEC filing metadata - accession: 0001437749-23-024627 - form_type: 8-K - cik: 0001108967 - company_name: Orbital Infrastructure Group, Inc. - filed_at: 2023-08-24T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 1.0 - calibrated_materiality_score: 1.0 - confidence: high - sec_items: 1.03, 2.04, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1108967/000143774923024627/0001437749-23-024627-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1108967/000143774923024627/oeg20230824_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001437749-23-024627 - JSON: https://secwatch.observer/filing/0001437749-23-024627.json - Plain text: https://secwatch.observer/filing/0001437749-23-024627.txt ## Key facts - Debt Financings 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 source text: ● 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1108967/000143774923024627/0001437749-23-024627-index.htm - Debt Financings 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1108967/000143774923024627/0001437749-23-024627-index.htm - Debt Financings 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 source text: ● 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1108967/000143774923024627/0001437749-23-024627-index.htm - Debt Financings 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 source text: ● 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1108967/000143774923024627/0001437749-23-024627-index.htm - Debt Financings 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 source text: ● 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1108967/000143774923024627/0001437749-23-024627-index.htm - Distress & Bankruptcy 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 source text: 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”). evidence_url: https://www.sec.gov/Archives/edgar/data/1108967/000143774923024627/0001437749-23-024627-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.