Low Sales Push Wireless Co. Powerwave Into Ch. 11

Law360, Wilmington (January 28, 2013, 3:40 PM EST) -- Powerwave Technologies Inc., a designer and producer of wireless communications equipment, sought Chapter 11 protection in Delaware bankruptcy court Monday in the face of decreasing sales and a growing cash crunch.

The California-based company had been experiencing a liquidity crisis that threatened its continued existence, according to a 10-Q form filed Nov. 16 with the U.S. Securities and Exchange Commission, and its bankruptcy petition lists assets of about $213.5 million against liabilities of $396 million, as of Sept. 30.

Powerwave announced in September it had entered...
To view the full article, register now.