Powerwave seeks Chapter 11 bankruptcy protection
- Associated Press
- January 28, 2013 - 5:14 PM
NEW YORK - Powerwave Technologies Inc., which makes antennas and other equipment for wireless networks, has filed for Chapter 11 bankruptcy protection amid a steep sales slump.
In the first nine months of 2012, revenue dropped by two-thirds, to about $128 million, from the year before. The company's loss deepened to $153 million from $35 million.
The Santa Ana, Calif., company filed for bankruptcy protection Monday in a Delaware court. It plans to continue operations.
Powerwave also says that on Sunday it ended a supply deal with a Chinese company.
Powerwave shares will be suspended from the Nasdaq on Wednesday because of their low price.
The stock dropped 74 percent to 8 cents on Monday. Shares have lost 96 percent of their value over the past 12 months.
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