Vitesse Semiconductor in danger of default on 1.50% convertible subordinated debentures

By Caroline Salls

Pittsburgh, June 5 - Vitesse Semiconductor Corp. received notice from U.S. Bank NA, as indenture trustee for the company's 1.50% convertible subordinated debentures due 2024, of indenture compliance deficiencies for failure to file its annual reports with the trustee within 15 days of filing the reports with the Securities and Exchange Commission, according to an 8-K filing with the SEC.

The company has 60 days to cure the deficiencies, and if they are not cured within 60 days of May 26, an event of default will occur under the indenture.

Vitesse said it disputes the allegations and will contest any attempt to declare an event of default based on the alleged compliance deficiencies.

There are $96.7 million of the debentures outstanding.

Vitesse is a Camarillo, Calif.-based designer, developer and marketer of semiconductor solutions for communications and storage networks.

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