Powerwave Technologies has entered into a debtor in possession credit and security agreement with P-Wave Holdings, LLC, 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 (DIP Facility) 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.

Powerwave Technologies, Inc. is a global supplier of end-to-end wireless solutions for wireless communications networks. Powerwave designs, manufactures and markets a comprehensive suite of wireless solutions, including antennas, base station products and advanced coverage solutions, utilized in all major wireless network protocols and frequencies, including Next Generation Networks in 4G technology, such as LTE.