Monday, September 29, 2008

NextWave Wireless Shuts GO Networks Operations

San Diego-based NextWave Wireless said today that it is discontinuing the operations of the firm's GO Networks unit, which developed wide area Wi-Fi networking equipment. NextWave said it has submitted a request in Israel to seek bankruptcy protection for the unit's Tel Aviv subsidiary. NextWave said the move was part of its efforts to divest its network infrastructure subsidiaries. Impact on employment at the firm was not disclosed. The shutdown closely follows a 20 percent workforce cut, a $100M debt round and hiring of an investment banker at the firm. NextWave paid $13.3M in January of 2007 for Go Networks.