Cherokee International (CHRK) Retains Stephens Inc. to Explore Strategic Alternatives
Cherokee International Corporation (NASDAQ: CHRK) has retained the investment banking firm of Stephens Inc. to assist its Board of Directors in exploring various strategic alternatives for the Company. Stephens Inc. has significant industry experience in the power electronics market segment.
While Stephens Inc. is assisting the Company to explore a variety of strategic alternatives including the possible divestiture of certain assets, the Company also has other professionals advising it on the extension or refinancing of the Company’s existing bond obligation. An evaluation process of all alternatives is currently underway.
In making the announcement, Cherokee President and CEO Jeffrey M. Frank said, “Our Board and management are exploring all strategic alternatives available to the Company. We are working closely with a number of outside professionals to ensure the maximum benefit to our shareholders and all of our other stakeholders including customers, employees, suppliers and bondholders.”
Cherokee International Corporation is a designer and manufacturer of power supplies for original equipment manufacturers (OEMs). [SM]
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