Powerwave Technologies announced today that it has inked a financial agreement with P-Wave Holdings LLC. The financial agreement is a Debtor in Possession Credit and Security Agreement. Included in the announcement is the appointment of Khurram P. Sheikh by the Board of Directors of the Company as the new Chief Executive Officer of Powerwave Technologies.
Powerwave Technologies is an international supplier of wireless solutions for wireless communications networks. P-Wave Holdings LLC is an affiliate of The Gores Group. In the agreement, P-Wave will make available a credit facility known as DIP Facility in the amount of $5million for use of the corporation as well as an additional funding for the company in its bankruptcy case.
Newly appointed CEO Khurram P. Sheikh stated "We appreciate the continued support of Gores in making the additional funds available to the Company which allows the Company and its investment banker to complete a more robust marketing and sale process."
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