Vitesse to Get Financing From Tennenbaum
From Bloomberg News
Vitesse Semiconductor Corp. said it would get $24 million in financing from Tennenbaum Capital Partners of Santa Monica.
The Camarillo-based designer of chips for computer networks said that as part of a financial commitment letter with Tennenbaum, Vitesse would be eligible for as much as $30 million in additional funding if “certain conditions” were met.
Vitesse has seen its shares decline 46% since the company on April 18 said that it put three of its top managers, including Chief Executive Louis R. Tomasetta, on leave pending an investigation into stock-option grants.
