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Powerwave seeks Chapter 11 bankruptcy protection
Monday - 1/28/2013, 5:51pm EST
NEW YORK (AP) - 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.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)