Orbital Infrastructure Group, Inc.: M&A transaction — Orbital Infrastructure completes sale of FLP and GTS subsidiaries in Chapter 11

Orbital Infrastructure Group, Inc.

FLP sold to Ocelot Bidco for ~$178.5M credit bid plus $2M cash and release of guarantees.
GTS sold to Streeterville Capital for ~$40M credit bid plus $1.7M cash to the estate.
Both transactions closed on October 24, 2023, as authorized by the Bankruptcy Court.
Sales are part of Company's Chapter 11 restructuring; subsidiaries were wholly owned.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Orbital Infrastructure Group, Inc. completed a disposition involving Ocelot Bidco LLC for aggregate consideration consisting of (i) the FLP Buyer’s credit bid of approximately $171,000,000 for certain prepetition obligations and approximately $7,500, (closed 2023-10-24).

Action: disposition
Counterparty: Ocelot Bidco LLC
Consideration: aggregate consideration consisting of (i) the FLP Buyer’s credit bid of approximately $171,000,000 for certain prepetition obligations and approximately $7,500,
Closing: 2023-10-24

Exact text from the filing

the FLP Purchase Agreement, the FLP Buyer agreed to acquire the equity interests in FLP for aggregate consideration consisting of (i) the FLP Buyer’s credit bid of approximately $171,000,000 for certain prepetition obligations and approximately $7,500,000 for the Front Line DIP Obligations (as defined in the FLP Purchase Agreement), (ii) $2,000,000 cash and (iii) the

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Orbital Infrastructure Group, Inc. completed a disposition involving Streeterville Capital, LLC for aggregate consideration consisting of (i) the GTS Buyer’s credit bid of approximately $33,500,000 for certain secured prepetition obligations, (ii) the GTS Buye (closed 2023-10-24).

Action: disposition
Counterparty: Streeterville Capital, LLC
Consideration: aggregate consideration consisting of (i) the GTS Buyer’s credit bid of approximately $33,500,000 for certain secured prepetition obligations, (ii) the GTS Buye
Closing: 2023-10-24

Exact text from the filing

the GTS Purchase Agreement, the GTS Buyer agreed to acquire the equity interests in GTS for aggregate consideration consisting of (i) the GTS Buyer’s credit bid of approximately $33,500,000 for certain secured prepetition obligations, (ii) the GTS Buyer’s credit bid of $6,500,000 for the DIP Obligations (as defined in the GTS Purchase Agreement) and (iii) $1,700,000

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Source: SEC EDGAR

accession 0001437749-23-029252

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