Powerwave's Ch. 11 Sale Approved After Creditors Strike Deal

Law360, Wilmington (May 16, 2013, 8:39 PM EDT) -- A fight between the creditors committee and the senior secured lender in the Powerwave Technologies bankruptcy case over a disappointing $17 million bid for the company was resolved Thursday when the two sides came to a last-minute settlement that will allow the Chapter 11 sale to go forward but still provide a small return for unsecured creditors.

The agreement, approved Thursday by U.S. Bankruptcy Judge Mary F. Walrath, will see the committee withdraw its objection to the sale, while getting a $150,000 disbursement from senior lender...
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