Powerwave seeks 90-day extension of exclusive periods, pursues sale

By Jim Witters

Wilmington, Del., May 2 - Powerwave Technologies, Inc. is seeking a 90-day extension of its exclusive periods for filing a Chapter 11 plan and for soliciting plan acceptances to provide time to complete its extended sale process, according to a May 1 filing with the U.S. Bankruptcy Court for the District of Delaware.

If the motion is approved, the exclusive period for filing a Chapter 11 plan will be extended through Aug. 26 from May 28. The exclusive period for soliciting votes on the plan will be extended through Oct. 27 from July 29.

The company says it needs the additional time to complete a sale process that was extended to try to attract more bidders and maximize the value of the debtor's estate.

Under revised bidding procedures approved on April 10, the bid deadline was moved to May 9 from April 4; the auction date was moved to May 13 from April 8; and the sale hearing was moved to May 15 from April 10.

A hearing to consider the exclusivity extension motion is scheduled for 10:30 a.m. ET on May 22.

Under the Delaware bankruptcy court's local rules, exclusivity is automatically extended through the date of the hearing on the motion.

Powerwave Technologies, a Santa Ana, Calif.-based global supplier of end-to-end wireless solutions for wireless communications networks, filed for bankruptcy on Jan. 28. Its Chapter 11 case number is 13-10134.

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