02/01/2013 01:50:55 PM EST
Bankrupt Powerwave CEO Says Cash Needed, Lender 'Swept' $8.3M From Bank Accounts
WILMINGTON, Del. - The president of Powerwave Technologies Inc. on Jan. 30 filed a brief in the U.S. Bankruptcy Court for the District of Delaware arguing that the company needs immediate cash to finance its Chapter 11 bankruptcy proceeding because one of its lenders took $8.3 million from Powerwave's accounts without notice (In re: Powerwave Technologies Inc., No. 13-10134, Chapter 11, D. Del. Bkcy.).
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