Wolfspeed reorganisation plan confirmed
Troubled US SiC giant Wolfspeed has received court approval for its reorganisation plan and expects to emerge from Chapter 11 in the next several weeks with a 70 percent reduction in debt.
“We are pleased to reach this important milestone, which clears the path for us to complete our restructuring process in the coming weeks,” said Robert Feurle, CEO of Wolfspeed.
He added: “We believe that strengthening our capital structure will help us to shape Wolfspeed into a leader in its industry, and we look forward to emerging with the financial flexibility to move swiftly on our strategic priorities and reinforce our leadership in SiC.
"I would like to thank our talented team for their continued focus and hard work, our customers and vendors for their ongoing cooperation, and the lending group who supported our Plan of Reorganisation.”
