Wolfspeed Inc. (WOLF) announced that it plans intends to solicit approval of pre-packaged plan of reorganization and then file voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the near future. The company expects to move through this process expeditiously and emerge by the end of third quarter calendar year 2025.
The company said it entered into a Restructuring Support Agreement or the "RSA" with key lenders, including holders of more than 97% of its senior secured notes, Renesas Electronics Corporation's wholly owned U.S. subsidiary and convertible debtholders holding more than 67% of the outstanding convertible notes. The transactions envisioned by the RSA are expected to reduce the Company's overall debt by approximately 70%, representing a reduction of approximately $4.6 billion, and reduce the Company's annual total cash interest payments by approximately 60%.
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September 04, 2026 15:08 ET The job report and foreign trade data were the main economic news from the U.S. in the first week of September. Elsewhere in North America, the Canadian central bank announced its latest policy decision. Inflation data from Eurozone was the highlight in Europe. The latest interest rate decision by the Reserve Bank of New Zealand drew attention in Asia.