Columbia to request Vitesse form committee to explore sale
Columbia Pacific Advisors, owner of 9.82% of Vitesse's outstanding shares, said in a regulatory filing that one of the factors depressing the price of shares is investor concern about debt maturities beginning in February 2014 and actions the company may take in order to satisfy these obligations. Columbia Pacific intends to engage with the company's board to discuss its capital structure and may propose refinancing alternatives. In addition, Columbia believes Vitesse's intellectual property and new products may be more valuable to a strategic buyer than to the public market, even if the refinancing risk is addressed. Therefore, Columbia said it will request that the board form a special committee to explore a potential sale of the company.