Wolfspeed entered Chapter 11 bankruptcy to implement a restructuring agreement with Renesas Electronics, gaining support from over 97 percent of subordinated bondholders. This plan aims to reduce total debt by about $4.6 billion and lower annual interest expenses by 60 percent. The company will remain fully operational and continue to deliver silicon carbide products during this period. Challenges include competition from Chinese manufacturers who produce larger wafers at lower prices, potentially affecting Wolfspeed's market position in power electronics.
Wolfspeed announced a restructuring agreement with Renesas that has broad support, as the company filed for Chapter 11 bankruptcy to reduce total debt by approximately $4.6 billion.
The restructuring plan is supported by more than 97 percent of subordinated bondholders and aims to cut annual interest expenses by about 60 percent while maintaining operations.
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