October 1, 2008
NextWave Closes Israel Subsidiary
US-based NextWave Wireless has announced plans to close its Israel-based subsidiary Go Networks as part of its global restructuring efforts.
The company said it has filed a bankruptcy protection request in Israel for its Tel Aviv-based network equipment business, providing wide-area Wi-Fi network equipment. Go Networks was acquired by the company in January 2007 for $13.3m.
Earlier this month, the company announced plans to narrow its business focus and save cash by divesting its network infrastructure subsidiaries. The business unit closure follows a 20% workforce reduction the company announced recently. The company also received a $100m debt financing commitment from Avenue Capital Management II and SOLA recently.