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Powerwave and Gores Group Reach Deal on Cash

Wireless-equipment maker Powerwave Technologies Inc. (PWAVQ) reached an agreement with its private-equity investor, the Gores Group, Thursday that will allow it access to the cash it needs to continue operations.

Judge Mary Walrath of the U.S. Bankruptcy Court in Wilmington, Del., said she would confirm the agreement Thursday.

As a result, Powerwave will be able to meet its payroll obligations Friday and will be able to continue its operations through Feb. 22, when Powerwave will return to court to ask for further access to its cash. Powerwave said that if it had been unable to tap these funds, it would have had to shut down.

The wireless-equipment maker’s Chapter 11 filing this week was precipitated by a fight for cash with Gores Group, which invested $35 million in September. Powerwave Technologies said that on Jan. 25, Gores Group pulled $8.3 million out of its account without notifying Powerwave, saying that the company had defaulted on its loan.

Gores Group has since returned $2 million of those funds, but the missing $6.3 million hurt Powerwave’s liquidity so severely that it said it had to move its out-of-court restructuring into Chapter 11.

An additional $1.2 million of that cash was returned to Powerwave Wednesday, the company said during the hearing, but Gores Group won’t return the other $5 million and has instead applied it to Powerwave’s prepetition debt, bringing the amount down to $30 million.

Powerwave has called this sweeping of cash from its accounts improper and said it still owes $35 million to Gores Group.

Nevertheless, the groups were able to reach a consensual deal, allowing Powerwave to access the cash in its accounts while still protecting Gores Group’s investment.

As part of the deal, Powerwave will maintain the right to try to recover the $5 million Gores Group pulled from its account, but it won’t be immediately returned. In addition, Powerwave must notify the court and creditors in the case by Feb. 19 whether it plans to sell its business in Chapter 11 or whether it will reorganize without a sale process.

Powerwave bankruptcy attorney Mark Thomas of Proskauer Rose LLP said during the hearing that since Powerwave’s “splat” into Chapter 11, as a result of the liquidity crisis caused by the draining of the company’s account, “there have been many incoming calls” from interested strategic buyers, including competitors and other publicly traded companies.

The Santa Ana, Calif., company has been losing money and filed for bankruptcy protection Monday. Years of declining demand for its products from customers like Nokia Siemens Networks, Alcatel-Lucent (ALU, ALU.FR) and Samsung Electronics Co. (SSNHY, 005930.SE) pushed down the prices Powerwave could command for its products, which feature technology that improves coverage, capacity and data speed in wireless communication networks.

Combined with the global economic downturn, lower demand and lower prices left Powerwave without the money to continue manufacturing as it had in the past.

It had begun to restructure out of court, selling its headquarters and selling certain technologies to free up cash. The deal with Gores Group was also part of this effort. However, the loss of the $8.3 million made it impossible to continue the process without Chapter 11 protection, it said.

Gores Group said that Powerwave defaulted on Jan. 4, when it showed fourth-quarter revenue of just $23.1 million–revenue less than $51 million constituted a default, and it pulled the cash from Powerwave’s account as a result.

Hopes of survival depend on cashing in on the company’s patent portfolio, according to papers filed by Chief Executive Ronald Buschur. Mr. Thomas called Powerwave’s 243 U.S. patents and 517 foreign patents the “key asset in the estate.”

In addition to the September 2012 senior secured loan from Gores Group, Powerwave is carrying about $256 million in bond debt, court papers say.

(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com)

–Peg Brickley in Wilmington, Del., contributed to this article.

Write to Stephanie Gleason at stephanie.gleason@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Copyright © 2013 Dow Jones Newswires

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Park Electrochemical Corp. Announces Special Cash Dividend and Revolving Credit Agreement

MELVILLE, N.Y.–(BUSINESS WIRE)–

Park Electrochemical Corp. (NYSE – PKE) announced that its Board of Directors has declared a special cash dividend of $2.50 per share payable February 26, 2013 to shareholders of record at the close of business on February 12, 2013.

The Company also announced that it has entered into a five-year revolving credit facility agreement with PNC Bank, National Association. The credit facility agreement provides for loans of up to $52 million to the Company and, subject to the terms and conditions of the agreement, an interest rate on the outstanding loan balance of LIBOR plus 1.15%. The Company intends to use substantially all of the funds borrowed under this credit facility to finance the payment of the special dividend.

The Company expects that this dividend will not be treated as a taxable dividend for Federal income tax purposes.

As explained in the Company’s December 18, 2012 announcement of its regular cash dividend payable February 4, 2013 to holders of record on January 4, 2013, Park’s cash dividends are treated as taxable dividends to the extent of the Company’s current or accumulated earnings and profits in the United States (computed using U.S. Federal income tax principles), with any amount in excess of such current or accumulated earnings and profits treated as a non-taxable return of capital, to the extent of the shareholder’s adjusted tax basis in the holder’s shares, and with any amount in excess of such current or accumulated earnings and profits and the holder’s adjusted tax basis treated as a capital gain. Distributions treated as returns of capital generally reduce the basis in the shares on which the distributions were made, unless the basis is lower than the amount of the distributions in which case the amount by which the distributions exceed the basis is capital gain. As a result, this special dividend will be treated as a long-term capital gain for shareholders with zero-basis stock (including zero-basis founders’ stock), and such shareholders will not be able to treat this dividend as a non-taxable return of capital for Federal income tax purposes.

Shareholders are encouraged to consult their tax advisors to determine the specific effect this special dividend may have on their individual tax situations.

The Company commented that it elected to declare and pay this large special dividend before the end of its current fiscal year ended March 3, 2013 because of uncertainty as to whether dividends paid after the end of the fiscal year would receive the favorable non-taxable return of capital treatment for its shareholders and because of the favorable loan terms currently available to the Company to finance the payment of the special dividend.

Brian Shore, Park’s President and CEO, said: “I would like to take this opportunity to publicly thank PNC Bank for its responsiveness and support in providing the revolving credit facility which will be used to finance the payment of the special dividend. We are looking forward to working with PNC Bank in the future.”

Certain portions of this news release may be deemed to constitute forward looking statements that are subject to various factors which could cause actual results to differ materially from Park’s expectations. Such factors include, but are not limited to, general conditions in the electronics and aerospace industries, Park’s competitive position, the status of Park’s relationships with its customers, economic conditions in international markets, the cost and availability of raw materials, transportation and utilities, and the various factors set forth in Item 1A “Risk Factors” and under the caption “Factors That May Affect Future Results” after Item 7 of Park’s Annual Report on Form 10-K for the fiscal year ended February 26, 2012.

Park Electrochemical Corp. is a global advanced materials company which develops and manufactures high-technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure and high-end computing markets and advanced composite materials, parts and assemblies for the aerospace markets. Park’s core capabilities are in the areas of polymer chemistry formulation and coating technology. The Company’s manufacturing facilities are located in Singapore, France, Kansas, Arizona and California. The Company also maintains R & D facilities in Arizona, Kansas and Singapore.

Additional corporate information is available on the Company’s web site at www.parkelectro.com

Contact:

Park Electrochemical Corp.

Martina Bar Kochva, 631-465-3600

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Causa Patet: A short guide, taking a payday loan lenders …

payday loan lenders accommodation is a real tough business. If this is your aboriginal payday loan, it is in fact consistently thorough analysis. This will ensure that you apperceive what you will receive yourself into. Annual fixed for added advice about the demographics out payday advances.

Any aggregation research tool for you because your payday loan, as abundant accept hidden costs or acute absorption rate up. Academy banking you use should accept been about a year and receive acceptable reputation. This is the way that obedience does not get scammed by banknote advance.

If you want to get a payday loan, you are responsible to anticipate about how you will pay it back. Accommodation absorption ante related marks really over and it can get a fee assured if not paid appropriately.

If demography previously banknote exit bother you at all, do not go forward with it. Unfortunately, some payday lenders scams, so you are responsible for your obedience ambidextrous with ethical aggregation before signing anything. It is important that you apperceive all the data accommodation before signing a contract. Thus, understanding the contract, in full, and ask questions until you feel you have received all the advice bare to accomplish your decision.

You have to consistently pay your aboriginal accommodation from your paycheck. Progress payday abound for emergencies, but alone if you complete the payment accordingly. You can look at the costs and penalties galore. It is important to attach to a hard year so this does not appear to you.

There are a number of verification payday companies may request accommodation. Just because many lenders will not dig banking is not despicable that they do not want to apperceive about your tools and some added info. Conveyance acceptable business to attend to if they receive accommodations is that they require you to provide you with Muhammad annual information, so they can drop your money anon.

Always conduct an extensive analysis of previous service as a means of paper money. Even acknowledge you feel that an emergency and you do not accept time to analysis options, anticipate twice! Before paper money because they actually ambrosial fast. This generally happens that money is provided on the day the instrument angry inside. Attending online to see what the best absorption ante ahead with the company’s reputation. This is the best analysis out the BBB website to see if the company is recognized.

Understanding the cost of paper money before you make money. Sometimes, the cost can run up to 25 percent of the money you are lending. Absorption charge is 400% per year! Costs added even if you delay payment.

Now that you’ve reached the annual article, you seem to receive additional payday banknote progress. If you still feel like you charge added information, be abiding to analysis payday loans. Using all of these capabilities to punish genuine whether or not the payday accommodation suitable for you.

Online payday loans offer fast loans banknote if you charge quick cash.

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Fashion by Jakel: Demystify payday loan, credit score and debt …

Low cost payday loans floated out the window when you extend past the original loan pay date. Loans may still be useful; especially if it keeps your payment will go out on time. Having a plan for your money and following is one of the best ways to come from online payday loan clean and unscathed.

There are some people who think that they have a high credit until they pull their reports. There are a high percentage of errors found on your credit report. If your score is lower than expected, comb through the information to find fault. Human error is easily fixed and if it meant higher scores and lower interest payments on your credit, it is definitely worth the work achieved.

Some people suspected to examine the value they think it will hurt the overall number. Checking yourself is generally free of influence action. Takes tough questions from potential creditors to lower your Score. You will need to check all three credit reports. Each to their own company’s work means that you may have an error in one of three so check one only would solve the problem instead of three.

Credit bureaus want you to check your credit. They created so that anyone can have access to a free credit report every three months to keep an eye on what is being reported. There are many other sites that have tried to mimic this by offering a free version of the free report is only one of three Bureaus. Others will make you sign up to see a low cost but will keep charging every month unless you remember to cancel the service.

Debt collection can be sold between collectors. Old debt, which would make sense morally to pay, maybe you can get past the statute of limitations States. Making a payment can restart the clock for a debt that gives another chance to take you to court payday lender. If the debt over 7 years, in fact it should not on your credit report at all, and you should forget about trying to pay. Focus on maintaining your present finances.

Choosing a credit counselor who can help refocus your budget to make your income work for you rather than debt settlement or bankruptcy last resort option. Choosing options that will make your credit score may not suffer more in the best interests of your financial future. Report any damage to report creditor is to remain for seven years. Debt settlement programs make take several years to accumulate enough money to negotiate a settlement. Upon completion made and creditors have been paid, the report will reflect “settle payments” are still negative. Bad credit you can continue for another 9 years or so, using a debt settlement company. As bad as bankruptcy, can potentially be over faster than debt settlement. Having a second chance at your credit is a great thing. The key here is to learn from your mistakes so that fresh start is built on solid financial ground.

Maintaining high balances or closing a credit card will also lower the Score. Credit reports to see you manage your debt. Do your best to maintain less than 30% of the available balance and rotate the cards to keep them active. You have to prove to potential creditors the money you have the skills to be a good business decision.

Opting for a payday loan to help with the debt is not a good decision. These loans are expecting results that include the cost of just a few weeks. Usually the people who are carrying a large pile of debt would struggle to repay payday loans direct on time. Use the online payday loans saving plans and have the results before signing for a loan. Too many of these loans exit undermine your income. Keeping a low cost of their choice by using them sparingly. High interest rates attached to these loans can do too much damage when fighting budget is not repaid on time.

[…]

Everything You Need To Know Before Taking Out A Payday Loan

Are you having trouble making ends meet with your current paycheck? Do you need a bit of cash to tide you over until payday? A payday loan might be just what you need. You will benefit from reading this article in making your decision on a payday loan.

Payday lenders are all different. Check into the rates and fees of as many as possible before making any decisions. If you do some research, you can often save money and make it easier to pay back the loan when it is due.

a fantastic read Know exactly what it is you will have to pay. You might want to get your money and go, but you need to know what you have to pay later. Ask the lender to provide, in writing, every single fee that you’re expected to be responsible for paying. Do this prior to getting a loan so you do not end up paying back a lot more than what you borrowed.

If you find yourself frequently relying on payday loans just to get by, it can be a wise decision to use a debt counseling service in order to learn how to better manage your money. You will find that payday loans can become a big problem and will end up costing you more and more.

A lot of people find that they do not have another avenue when they have to get a payday loan. If there is any way to avoid this type of loan, it is best to do that. Payday loans are a resource you might want to consider when you’re in a financial bind.

Avoid companies that are simply brokers for another company because it will cost you more. Borrowing from indirect lenders can add quite a few fees to your loan.

Don’t think that once your loan is in hand, that your troubles are over. You should also keep in mind that a lot of payday loans come with hidden fees and that interest rates can quickly add up. If you aren’t aware of these factors, it could cause you a lot of financial trouble.

Be certain that your next paycheck priority is paying off your payday loan. Payday loans are helpful when you find yourself in an emergency. Still, if you don’t pay them back, you may have issues. However, if you cannot pay it back, you’re looking at paying a very high penalty. So you should make sure you pay off your loan as soon as possible.

Whenever you are thinking about taking out a payday loan (or any loan), be sure to read the fine print! Your loan documents will include facts like the loan’s APR, repayment date and other relevant terms. Be sure that the loan officer signs off on the contract, along with your own signature.

With any luck, the ideas in this piece can assist you in steering clear of payday loan traps. Keep in mind that even though you don’t want to get a loan usually, it can help when you’re short on cash before payday. Use this information and carefully consider it before you decide on any type of loan.

[…]

When Is It A Good Idea To Take Out A Payday Loan?

Accidents often come with unexpected bills you have no way to pay. A single paycheck may be insufficient to pay for this, and borrowing is not an option. Payday loans may be the only option you have. Read on to find great advice about these loans. great post to read

Don’t roll over a payday loan unless absolutely necessary. A lot of people get into debt trying to repay these loans. The interest rates associated to this type of loan can be really high, and a small debt could easily overwhelm you. Try getting a small loan from your own bank if payday loans are too expensive for you.

Before signing for a loan, you should carefully read over the paperwork. Pay attention to the small print and do not hesitate to get in touch with the customer service to ask questions. If you’re not able to understand something or you need help understanding any fees, it may be beneficial to find another company to help you get a payday loan.

Although it’s usually not required to get a credit check when you’re getting a loan, the company may require you to give verification of certain things. They usually ask for proof of steady employment too. Any reputable lender requires that you have an open and current bank account.

Do your research about different lenders before you take out a loan. Some lenders may be able to hook you up with a lower rate, and others may have lower closing costs. Some will offer you money right away, and others may make you wait a few days. Seek out the best payday loan company that offers the most benefits to you and your circumstances.

Look for a lender than provides instant loan approvals. If they claim it is impossible to determine your eligibility immediately, they have an outdated operation that you should likely avoid anyhow.

Always take the time to step away and carefully consider the terms before signing up for a payday loan. There are times in which you may not have a choice, but getting a payday loan oftentimes results from an unforeseen event. Before making a decision about a payday loan, think about it.

It is extremely important that you fill out your payday loan application truthfully. You might be tempted to shade the truth a bit in order to secure approval for your loan or increase the amount for which you are approved, but financial fraud is a criminal offense, so better safe than sorry.

Be sure you understand any hidden fees that may be involved. Without asking, you’ll never know. Some people end up paying more than they thought they would after they’ve already signed for their loan. Steer clear of this pitfall by making sure to read all of the documents and asking all critical questions.

Financial emergencies create a lot of stress that can really weigh you down. This article’s tips and advice should have given you some relief from some of this burden you may be feeling. It’s important to be well informed when you want to get a payday loan in order to avoid problems.

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The impact of payday loans Chicago | Fast Cash Trust


The impact of payday loans Chicago

Posted onJanuary 31, 2013byZonya

Payday loans Chicago are basically short-term loans that are used to save people in financial crisis before end month so as to receive payment. Before using payday loans in chicago, it is important to ensure that you perfectly understand the impact that these loans have on the financial wellbeing of borrowers. There are different costs and risks that are associated with chicago payday loans. This is irrespective of the fact that these loans are processed within 24 hours after application. The amount of money that is issued in payday loans Chicago is usually a few hundred dollars or a few thousand dollars for people with very attractive paychecks. Payment of these loans is usually expected to be made when once they mature but can also be rolled over such that the loan becomes extended.

Costs of payday loans Chicago

In a general view, payday loans are the most expensive loans that you can borrow. This is due to the fact that there are specifically high fees that are incurred while applying for these loans. Payday loansChicago are not different in any way as their applicants are also required to cover the processing fees in these loans. An example of a high fee is whereby you are required to part with $20 in order to be given a soft loan of $100 for only two weeks. As such, these loans are specifically very advantageous to the lenders as opposed to borrowers. In Chicago, the Consumer Federation has undertaken a series of studies that show that the APR of payday loans stands at 426% as compared to that of other loans at 100%.As such payday loans Chicago may be a very expensive venture for borrowers not only in Chicago but also in other states.

Pitfalls of payday loans Chicago

The main pitfall and setback of payday loans Chicago is that they do not help you in dealing with the real problem. Instead, they just push forward the problem and give you a break for only a very small duration of time. However, the problem recurs in double portion because you have to settle the loan and also cover the shortage of money that you have. The high interest rate in these loans just increases your expenses, a fact that can very easily lead to you taking another loan to cover the expenses. The worst thing about payday loans in chicago just like in other states is that lenders do not tell lenders the full impacts of these loans. As such most borrowers who take payday loans Chicago find themselves in great financial crisis before adjusting fully.

Considerations before applying for payday loans Chicago

Before applying for payday loans Chicago, it is highly important to ensure that you are able to analyze the loans accordingly. This helps in identifying whether applying for these loans is entirely a great idea or should opt for alternatives chicago payday loans. In order to avert a situation whereby you have to apply for payday loans Chicago, there are a number of strategies that you can put into consideration. These strategies are such as putting aside an emergency fund to use in times of emergencies. It is also important to ensure that you spend your money wisely and put aside some savings to use in times of emergencies. All in all payday loans Chicago can easily save you from a financially sticky position though at a cost.

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Social housing company launched payday loans fight back (From …


Coast and Country hits out at short term loans

Iain Sim of Coast and Country Housing

A LEADING North-East social housing provider has launched a campaign to warn people about the dangers of pay day loans.

Coast and Country, which manages a large property portfolio throughout the Tees Valley, hopes the campaign will counter widespread advertising by payday loans companies. It aims to highlight affordable alternatives to short term loans with crippling interest rates.

Teams of experts will be targeting key towns and advertising vans will tour the area to drum home the message.

Iain Sim, Chief Executive of Coast and Country, said: “Households already are struggling to make ends meet as the price of everyday basics such as food, gas and electricity soar.

“This month there is even more financial danger as people need to make their money last longer due to getting paid earlier than usual because of the festive break.

“People should beware of locking themselves into high interest rates, some money lending websites charge more than 4,000 per cent.

“It is so easy for people to find themselves on a payday loan treadmill as they resort to taking out another loan to in a vain attempt to balance their budgets.

“By saying no to payday loans, people can avoid getting into financial deep water. Our teams are ready and available to offer free, independent advice to help prevent people from drowning in debt.”

* Coast and Country has drawn up ten top tips on how to get out of debt and manage money: Don’t ignore debt.

Look at which debts need to be paid off first such as rent, council tax and heating.

Don’t ignore letters.

Talk to your creditors.

Make a budget and fill in a financial statement.

Look at your spending.

Stop borrowing.

Check your benefits.

Seek expert advice.

Don’t panic.

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8 Things You May Not Know About The Increasingly Popular Working Capital Loan.

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Working Capital

A working capital loan is an excellent advantage for a company that may be seen as ‘a risk’ by typical lenders. With this type of loan your businesses’ cash flow potential is looked over, versus solely your credit score…

Laguna Hills, California (PRWEB) January 31, 2013

Envision Capital Group, a top equipment financing and equipment leasing company in Orange County of California discusses the top 8 facts of a working capital loan.

“As working capital loans are becoming increasingly popular, many business owners don’t know about the benefits of this type of loan. So often a business may not have the cash it needs to grow or sustain in a tough economy. It’s sad to see a great business struggling to keep their doors open or even worse have to be shut down. We want to educate business owners on working capital loans and how it can help keep their business stay afloat, or simply keep it succeeding.” Envision Capital stated.

1. Fast Cash- Expect to have the cash within a few days, compared to a standard loan which can take many weeks. This makes a working capital loan an excellent choice for a business that may need to pay a bill right away, or have an unexpected maintenance on a piece of equipment that they depend on.

2. Up to $250,000- Up to $250,000 of cash may be obtained.

3. A Quick & Easy Application- No need to study the fine print, or set an hour aside to apply. Like Envision Capital Group’s, this type of loan typically has a simple, one page application that can be completed in minutes.

4. Freedom of Use- This loan can be used for almost any type of expense. From hiring a new employee, to buying more inventory, to sprucing up an office with new furniture, or a business can even use it to pay it’s 2012 tax payments.

5. Flexible Repayment Options- This loan is a great strategy for a seasonal type of business. Payments are calculated based on the percentage of your sales, which offers flexibility and peace of mind. If sales are up, the payment will be larger, but if sales are dipping, expect to pay less.

6. Rocky Credit? No problem.- This is an excellent advantage for a company that may be seen as ‘a risk’ by typical lenders. With this type of loan a businesses’ cash flow potential is looked over, versus solely your credit score.

7. No Collateral or Personal Guaranty Required- No need to put up the businesses’ assets, or personal property on the chopping block.

8. Working Capital Programs offer two types of loan structures:
1 Merchant Cash Advance: Candidates for this type of loan are those that have a significant volume or credit card sales a month. 2- Short term loan: For candidates that do not accept credit cards as a form of payment, or for those that do not receive the necessary volume needed for the amount of working capital they need.

About Envision Capital Group

Envision Capital Group is an Orange County, CA based top equipment financing & equipment leasing company, offering several types of financing: lease financing, equipment loans, working capital & merchant cash advance programs, as well as servicing vendor financing needs. They assist any business type, any credit type, nationwide, in getting the funding their businesses need to grow. To learn more, visit: envisioncapitalgroup.com.


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