Brief: Orbital Infrastructure Group Inc. Says It Intends To Enter Into Purchase Agreements For The Sale Of Front Line Power Construction And Gibson Technical Services

Orbital Infrastructure

24/08/2023 04:03

Aug 23 (Reuters) - Orbital Infrastructure Group  OIG.O :
    * INC. INTENDS TO ENTER INTO PURCHASE AGREEMENTS FOR THE
SALE OF
FRONT LINE POWER CONSTRUCTION AND GIBSON TECHNICAL SERVICES AND
FILES FOR CHAPTER 11 PROTECTION
    * RECEIVES COMMITMENT FROM EXISTING SECURED LENDERS FOR
$15.0
MILLION IN DEBTOR-IN-POSSESSION FINANCING
    * COMPANY AND FLP SECURED LENDERS ( "FLP LENDERS") INTEND TO
ENTER
INTO A PURCHASE AGREEMENT
    * UNDER PURCHASE AGREEMENTS, SUCCESSFUL PURCHASERS WILL NOT
ACQUIRE COMPANY'S OTHER SUBSIDIARIES
    * ORBITAL INFRASTRUCTURE - FILING SPECIFICALLY EXCLUDES
FRONT LINE
POWER CONSTRUCTION AND GIBSON TECHNICAL SERVICES, WHICH ARE
BEING SOLD SEPARATELY

Source text for Eikon:  ID:nPn4ZT4X2a 
Further company coverage:  OIG.O 

 ((Reuters.Briefs@thomsonreuters.com;))