Wolfspeed emerges from Chapter 11
Wolfspeed has announced the successful completion of its financial restructuring process and emergence from Chapter 11 protection.
Through the restructuring process, Wolfspeed has reduced its total debt by approximately 70 percent, with maturities extended to 2030, and lowered its annual cash interest expense by roughly 60 percent.
In addition, the company believes that it maintains ample liquidity to continue supplying customers with leading SiC solutions.
With a self-funded business plan supported by free cash flow generation, Wolfspeed says it is well positioned to leverage its vertically-integrated 200mm manufacturing footprint —underpinned by a secure and scalable US-based supply chain—to drive sustainable growth.
“Wolfspeed has emerged from its expedited restructuring process, marking the beginning of a new era, which we are entering with new energy and a renewed commitment to the growth mindset and entrepreneurial spirit that have powered Wolfspeed since its inception,” said Robert Feurle, CEO of Wolfspeed (pictured above).
"As we enter this new era, we do so with much improved financial stability, a scaled, greenfield and vertically integrated 200mm facility footprint, and our large capital deployment behind us.“
Feurle continued, “We firmly believe that we are well positioned to capture rising demand in end markets, such as AI, EVs, industrial and energy, that are rapidly growing and recognising SiC’s potential.”
In connection with emergence Wolfspeed announced five new director appointments: Anthony M. Abate, Mike Bokan, Eric Musser, Hong Q. Hou, and, pending certain regulatory approvals, Aris Bolisay, to its board. Anthony M. Abate will succeed Tom Werner as chairman. The new members will join current board members, Mark Jensen and Paul Walsh, who will continue in their roles as directors.
Tom Werner, Glenda Dorchak, John Hodge, Darren Jackson, Duy-Loan Le, Stacy Smith, and Marvin Riley have stepped down from the board.
Anthony Abate is an experienced board director, entrepreneur, and executive with more than four decades of leadership in technology, telecom, and consumer sectors. He currently serves as chairperson of GTT Communications, a global Tier-1 IP network operator, Mitel, a business communications and collaboration service provider, and Tacora Resources, a specialty iron-ore mining company. Previously he served as chairperson & lead director of Southeastern Grocers, independent director and audit committee chair of Denbury, Inc (DEN), and independent director of TOPS (now Northeastern Grocers), Broadview Networks, Looking Glass Networks, and Cbeyond Communications. Abate began his career as an US Air Force officer developing advanced radar and analytics systems for stealth aircraft. He holds a BS in Electrical Engineering from Duke University and an MBA from Harvard Business School.
Mike Bokan has held a range of leadership roles at Micron Technology. He joined Micron in 1996 and held progressively senior roles concluding with SVP of Worldwide Sales from 2018 until retiring in May 2025. Over the decades, he built and sustained deep relationships with OEM, hyperscale, and distribution partners, helping drive record-setting revenue for the company. He graduated with a bachelor’s degree in business administration from Colorado State University.
Eric Musser recently completed a 39-year career with Corning, serving in progressively responsible leadership positions culminating as president and COO. In 2005, Musser was appointed GM of Corning Optical Fiber where he restored stability and growth to the business following the telecommunications industry downturn of the early-2000s. Prior to joining Corning, he served five years in the US Army. He is a graduate of the U.S. Military Academy at West Point and George Washington University.
Hong Q. Hou has served as president and CEO of Semtech since June 2024 and as a member of the Semtech board of directors since July 2023. Hou most recently served as president of the Semiconductor Group at Brooks Automation, a provider of automated wafer handling and contamination control solutions for the semiconductor manufacturing industry. Prior to that, Hou was corporate VP and GM of the cloud and edge networking group of Intel. Hou has held executive leadership positions at Fabrinet, AXT and Emcore and technical roles at Bell Laboratories and Sandia National Laboratories. Hou holds a PhD in Electrical Engineering from the University of California at San Diego.
Aris Bolisay currently serves as the VP of Finance at Renesas Electronics. Prior to his current position, Bolisay served in a senior role in the Accounting and Control Division of Renesas from March 2019 through June 2021. Bolisay additionally served in various senior positions at Integrated Device Technology (IDT), acquired by Renesas, between June 2014 and March 2019. Bolisay started his career at a Big 4 accounting firm. He holds a Bachelor of Science in Accountancy and Business Administration with a major in Accountancy from the University of the City of Manila.
