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.

Company Background

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

INDUSTRY KEYWORDS:

The article Powerwave Technologies Secures DIP Financing; Appoints New CEO originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.


Increase your money and finance knowledge from home

Goal Setting

Want to succeed? Then you need goals!

View Course »

Investing in Emerging Markets

Learn to invest in a globalized world.

View Course »

Add a Comment

*0 / 3000 Character Maximum