Proxim Reaches $10.7M Lender Settlement

Law360, New York (January 30, 2006, 12:00 AM EST) -- Wireless equipment maker Proxim Corp.'s unsecured creditors have won approval of a settlement with the company's top lender, private equity firm Warburg Pincus LLC, lowering the lender's secured claims in its bankruptcy proceedings.

Under the terms of the settlement, Warburg will be provided with a $10.7 million secured claim, $8 million of which has already been paid out by the wi-fi company from proceeds of an asset sale.

The San Jose-based Proxim, which filed for Chapter 11 bankruptcy last June, still owes Warburg $2.7 million in...
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