Timely $5M DIP Deal Allows Powerwave To Extend Ch. 11 Sale

Law360, Wilmington (April 10, 2013, 10:36 PM EDT) -- Powerwave Technologies Inc. won approval for a critical $5 million debtor-in-possession package Wednesday as a Delaware bankruptcy judge signed off on an eleventh-hour deal with its senior lender that will allow the wireless equipment maker to extend its disrupted sale process.

Submitted as an emergency motion Monday night, the last-minute loan from The Gores Group unit P-Wave Holdings LLC averted a scheduled fight over cash collateral between the previously contentious parties and gives Powerwave another month to market its assets.

The California-based company entered bankruptcy Jan....
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