Powerwave Technologies files for bankruptcy protection

Mon Jan 28, 2013 10:53am EST

Jan 28 (Reuters) - Powerwave Technologies Inc, which makes wireless antennas, filed for Chapter 11 bankruptcy protection on Monday as its losses ballooned over the past year.

The company listed assets of $213.5 million and liabilities of $396.1 million, according to documents filed in the U.S. Bankruptcy Court in Wilmington, Delaware.

The company reported a net loss through the first nine months of 2012 of $153.1 million, compared with a net loss of $35.0 million in same period a year before, according to a regulatory filing.

Shares of Powerwave fell 77 percent to 7.02 cents on Nasdaq in Monday morning trade.

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