Cherokee retains investment bank to assist with strategic review process

By Lisa Kerner

Charlotte, N.C., April 14 - Cherokee International Corp. said its board of directors will review strategic alternatives for the company with the assistance of investment banking firm Stephens Inc.

The alternatives could include the possible divestiture of certain assets, a Cherokee news release stated.

Cherokee said that in addition to Stephens, other professionals are advising the company on the extension or refinancing of its existing bond obligation.

There can be no assurance the board will elect to pursue any of the strategic alternatives under consideration, Cherokee said.

No timeframe has been set for completion of the review process.

Cherokee, a Tustin, Calif., maker of power supplies, said it will comment further on the matter only when and if its evaluation efforts are complete.

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