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Wolfspeed Files for Chapter 11 Bankruptcy Amidst Overwhelming Debt
1 day ago /
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Author：小编
Amidst a crippling debt burden, chipmaker Wolfspeed announced on Monday that it has initiated Chapter 11 bankruptcy proceedings under the U.S. Bankruptcy Code. This move aims to implement the Restructuring Support Agreement reached with its principal creditors, an agreement anticipated to slash the company's debt by approximately 70%. Upon the disclosure, Wolfspeed's share price plunged by 30%, reaching an unprecedented low. The company anticipates concluding the bankruptcy process and resuming regular operations by the conclusion of the third quarter.
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