Powerwave Technologies Wins Permission to Auction Assets
Powerwave Technologies Inc. (PWAVQ), a bankrupt maker of antennas and amplifiers for wireless communications, won court permission to set up an auction for most of the company’s assets.
U.S. Bankruptcy Judge Mary Walrath approved rules for the auction today at a hearing in Wilmington, Delaware.
The company, based in Santa Ana, California, asked potential buyers who want to be the so-called stalking-horse, or initial bidder, to submit offers later this month, according to court records.
“Given the lack of immediately available liquidity, the debtor has determined to market its assets, as well as the on- going business,” Powerwave said in court papers filed Feb. 22.
The company listed debt of $396 million and assets of $213 million in a Chapter 11 petition filed in January.
In February 2012, 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.
The case is Powerwave Technologies Inc., 13-10134, U.S. Bankruptcy Court, District of Delaware (Wilmington).
To contact the reporters on this story: Steven Church in Wilmington, Delaware, at email@example.com.