On September 30, chip manufacturer Wolfspeed revealed that it had successfully exited Chapter 11 bankruptcy protection as outlined in the U.S. Bankruptcy Code. This milestone was achieved after the company managed to significantly reduce its total debt by nearly 70% and trim its annual cash interest expenses by roughly 60%. In a statement, Wolfspeed assured that it currently possesses ample liquidity to ensure the uninterrupted supply of silicon carbide chips to its customers. Additionally, the company has expanded its board of directors by appointing five new members.