Thursday, June 28, 2007

Vitesse Completes Restructuring Engagement

Camarillo-based semiconductor manufacturer Vitesse Semiconductor, said Wednesday afternoon that it has completed its engagement of Alvarez & Marshal LLC. In conjunction with the completed engagement, Shawn Hassel, the firm's Chief Restructuring Officer, will no longer serve as an office of the firm. Alvarez & Marshal headed up the restructuring of the company after the SEC and the U.S. Attorney General began investigating the firm's options dating practices--which resulted in the firing of the firm's CEO, CFO, and an Executive Vice President, downgrade of the firm's stock to the pink sheets, and an overhaul of the firm's executive team and board. Vitesse designs and manufacturers high speed integrated circuits for the communications and storage market.