Powerwave Technologies Files for Bankruptcy in Delaware
Powerwave Technologies Inc., a maker of antennas and amplifiers for wireless communications, filed for bankruptcy protection after losing money in four of the past five years.
The company, based in Santa Ana, California, listed debt of $396 million and assets of $213 million in a Chapter 11 petition filed today in Wilmington, Delaware. Chapter 11 is used by companies that plan to stay in business while either reorganizing or liquidating their assets.
The board found that bankruptcy is “in the best interest of the company, its creditors and other parties,” Powerwave said in the petition.
In February, Powerwave announced a restructuring plan designed to cut manufacturing costs and conserve cash, in part by firing about 60 workers. That was followed in September by the announcement that 120 people would be fired and some offices shut down.
The company makes equipment to boost signal strength for wireless phone and data networks.
Powerwave fell as much as 82 percent after the filing. It closed at 8 cents after falling 74 percent for the day in trading in New York.
The case is Powerwave Technologies Inc. (PWAV), 13-10134, U.S. Bankruptcy Court, District of Delaware (Wilmington).