The bankrupt next-gen wireless-network builder Powerwave Technologies Inc., which has been shopping itself around to potential buyers, inked a Debtor in Possession (DIP) credit and security agreement with P-Wave Holdings LLC, an affiliate of The Gores Group. P-Wave offered Powerwave a multiple-draw senior secured priming term loan credit facility of as much as $5 million for general corporate purposes and for working capital as the company winds down its bankruptcy/sales efforts. Bids for Powerwave are due on May 9, and its auction date is May 13. In related Powerwave news, President/CEO Ronald J. Buschur resigned from the company, replaced by new CEO Khurram Sheikh, who had been CTO.

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