Powerwave Technologies Secures DIP Financing; Appoints New CEO
SANTA ANA, Calif.--(BUSINESS WIRE)-- Powerwave Technologies, Inc. a global supplier of end-to-end wireless solutions for wireless communications networks, today announced that it has entered into a Debtor in Possession Credit and Security Agreement with P-Wave Holdings, LLC, an affiliate of The Gores Group. Under the agreement, P-Wave Holdings, LLC will make available to the Company a multiple draw senior secured priming term loan credit facility of up to $5,000,000 ("DIP Facility") for general corporate purposes and working capital during its bankruptcy case in support of the sales process the Company is undertaking.
The Company's sales process has been extended by the Bankruptcy Court with bids due on May 9, 2013 and an auction date of May 13, 2013. The Bankruptcy Court has approved the Company's retention of Houlihan Lokey as its investment banker to assist in the sales process.
In a separate matter, Powerwave also announced that Ronald J. Buschur has resigned from his positions as President and Chief Executive Officer. The Board of Directors of the Company has appointed Khurram Sheikh as Chief Executive Officer. Mr. Sheikh previously was the Company's Chief Technology Officer. "We appreciate the continued support of Gores in making the additional funds available to the Company which allows the Company and its investment banker to complete a more robust marketing and sale process," stated Khurram P. Sheikh, the Company's CEO.
Powerwave Technologies, Inc. is a global supplier of end-to-end wireless solutions for wireless communications networks. Powerwave designs, manufactures and markets a comprehensive suite of wireless solutions, including antennas, base station products and advanced coverage solutions, utilized in all major wireless network protocols and frequencies, including Next Generation Networks in 4G technology, such as LTE. Corporate headquarters are located at 1801 E. St. Andrew Place, Santa Ana, Calif. 92705. For more information on Powerwave's advanced wireless coverage and capacity solutions, please call (888)-PWR-WAVE (797-9283) or visit our web site at www.powerwave.com. Powerwave, Powerwave Technologies and the Powerwave logo are registered trademarks of Powerwave Technologies, Inc.
Powerwave Technologies, Inc.
Khurram Sheikh, (714) 466-1662
KEYWORDS: United States North America California
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