Powerwave Technologies, a supplier of end-to-end wireless solutions for wireless communications networks, announced it has entered into a debtor in possession credit and security agreement with P-Wave Holdings, an affiliate of The Gores Group.
Under the agreement, P-Wave Holdings, will make available to the company a multiple draw senior secured priming term loan credit facility of up to $5 million for general corporate purposes and working capital during its bankruptcy case in support of the sales process the company is undertaking.
The company’s sales process has been extended by the Bankruptcy Court with bids due on May 9, 2013 and an auction date of May 13, 2013. The Bankruptcy Court has approved the company’s retention of Houlihan Lokey as its investment banker to assist in the sales process.
In a separate matter, Powerwave also announced that Ronald J. Buschur has resigned from his positions as president and CEO and has appointed Khurram Sheikh as chief executive officer. Sheikh previously was the company’s chief technology officer.