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Wolfspeed Files for Bankruptcy to Cut $4.6B in Debt

Wolfspeed, a Durham North Carolina chipmaker, filed for Chapter 11 bankruptcy on Monday to restructure its $6.7 billion debt load.
The filing follows a restructuring agreement with key lenders including Renesas, aiming to cut nearly 70% of debt due to weakening demand and a $575 million debt payment upcoming.
Wolfspeed intends to continue regular business activities during its restructuring, including paying vendors and fulfilling orders, with plans to complete the bankruptcy process and exit Chapter 11 before the end of September.
Shares ended Monday at 40 cents and surged to over 80 cents Tuesday morning following the Chapter 11 bankruptcy announcement, with CEO Robert Feurle emphasizing the company’s commitment to advancing its restructuring efforts to bolster its financial foundation.
The bankruptcy is part of Wolfspeed's strategic shift focusing on more efficient plants and shedding legacy units, implying a significant reorganization aimed at long-term financial stability and growth.

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Wolfspeed files for bankruptcy in effort to turn around NC chipmaker

The 38-year-old Durham, North Carolina, semiconductor supplier Wolfspeed filed for Chapter 11 bankruptcy, officially starting a reorganization the company says will allow it to shed billions in debt.

2 days ago

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sherwood.news

Lean Left

Wolfspeed surges 150% as the embattled chipmaker files for bankruptcy

The company says it aims to cut 70% of its debt while keeping operations running as usual.

3 days ago

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The Courier-Tribune

Center

Wolfspeed seeks new structure

The 38-year-old Durham semiconductor supplier Wolfspeed filed for Chapter 11 bankruptcy Monday, officially starting a reorganization the company says will allow it to shed billions in debt.

3 days ago

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The Herald Sun

Center

Wolfspeed files for Chapter 11 bankruptcy to reduce debt

4 days ago·Durham, United States

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WKTV

Center

It's Official: Wolfspeed Files For Chapter 11 Bankruptcy

As expected, Wolfspeed announced it has filed Chapter 11 bankruptcy.

4 days ago

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The Business Journals

Center

Wolfspeed files for bankruptcy to cut $4.6B in debt

Durham-based Wolfspeed has filed for Chapter 11 bankruptcy to cut $4.6 billion in debt while continuing operations. The move follows overbuilding amid slower-than-expected EV demand. Its $7.6 billion in assets exceed $6.7 billion in liabilities. Creditors like Microsoft and Renesas are major stakeholders. Stock rose post-filing.

4 days ago·United States

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