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US semiconductor maker Wolfspeed to file for bankruptcy
DURHAM, NORTH CAROLINA, JUN 23 – Wolfspeed’s prepackaged Chapter 11 plan will reduce $6.5 billion debt by about 70%, lowering annual cash interest payments by 60%, sources said.
- Wolfspeed announced it will reorganize under Chapter 11 bankruptcy to consolidate debt.
- The plan aims to eliminate approximately 70 percent of its $6.7 billion debt, amounting to roughly $4.6 billion.
- Wolfspeed will receive $275 million in new funding and had $1.3 billion in cash as of March.
- The plan is expected to reduce annual cash interest payments by about 60 percent.
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U.S. semiconductor manufacturer Wolfspeed is facing bankruptcy. The company wants to reduce debt in billions.
The Avery Journal-TimesReposted by 
The Center Square
The Center SquareHeavily subsidized silicon carbide power solutions company filing Chapter 11
(The Center Square) – Wolfspeed, the silicon carbide power solutions company headquartered in North Carolina once in line for three-quarters of $1 billion from the Biden administration, is filing for Chapter 11 bankruptcy.
Wolfspeed plans US bankruptcy filing in deal reached with creditors
Wolfspeed plans to file for bankruptcy in the United States under a restructuring agreement with creditors, which would provide it with fresh financing and slash debt by nearly 70%, the struggling chipmaker said on Sunday.
·United Kingdom
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Total News Sources38
Leaning Left4Leaning Right4Center14Last UpdatedBias Distribution64% Center
Bias Distribution
- 64% of the sources are Center
64% Center
L 18%
C 64%
R 18%
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