Months after filing for Chapter 11 bankruptcy, Tilson Technology Management has announced it's poised to sell to ITG Communications LLC for $22 million.

In a statement last Friday, Tilson, a developer of fiber and wireless networks, said that ITG's offer was the highest placed at auction. A potential deal will see ITG purchase substantially all of Tilson’s assets in an all-cash offer.

The sale is subject to court approval and is subject to shareholder approval, noted Tilson, which expects the sale to close later this month.

ITG provides fulfillment, construction, and project management services to the cable and telecommunications industries.

"We are pleased to have identified the offer from ITG Communications as the highest and best following a competitive auction process,” said Darrell Ingram, chief executive officer of Tilson.

“The proposed transaction is a key step in our efforts to emerge from Chapter 11 as a stronger, financially sound company with the resources and expertise needed to achieve long-term success. ITG’s knowledge and expertise in this sector bring tremendous synergies. They understand and value our business, our people, and believe in our strategy.”

ITG manages permanently outsourced operational activities in more than 185 markets in 46 states throughout the country. These projects include new customer installations, upgrades, service calls, dispatch, warehousing, and outside plant construction, engineering, and maintenance projects.

"The addition of Tilson’s wireless and consulting capabilities, along with long-term O&M and construction contracts, will further diversify our portfolio and strengthen our position as a nationwide provider,” said Michael Brooks, co-founder and CEO of ITG Communications.

“ITG is also excited to welcome Tilson’s talented leadership team to our own already impressive group of leaders, all of whom will undoubtedly accelerate future growth. As a nationwide provider, we are confident this partnership will further strengthen Tilson’s existing legacy in the industry.”

Tilson, a developer of fiber and wireless networks, filed for Chapter 11 bankruptcy in June following the abrupt cancellation of its contract with Gigapower.

In July, Tilson filed a lawsuit against Gigapower over the termination of the contract, stating that it seeks to "recover more than $200 million owed under a contract to build fiber networks in Nevada and Arizona" from Gigapower.

Tilson's financial troubles began earlier this year when Gigapower - the company’s largest client, formed out of a joint venture between telecommunications giant AT&T Inc. and BlackRock - terminated nearly all of its construction projects with Tilson, including all construction in Arizona, plus almost all of the remaining construction work in Las Vegas.

Tilson alleges that Gigapower breached the agreed contract between the two parties.

Founded in 1996, Maine-based Tilson has more than 1,000 employees and serves both the public and private sectors.