Wolfspeed Inc is a leading company specializing in the development and manufacturing of wide-bandgap semiconductors, primarily based on silicon carbide and gallium nitride technologies. These advanced materials enable more efficient and powerful electronic devices, playing a crucial role in applications such as renewable energy, electric vehicles, and 5G telecommunications. The company focuses on innovation in the semiconductor industry, providing solutions that enhance performance, reduce energy consumption, and drive the transition to sustainable technologies. With a commitment to advancing semiconductor technology, Wolfspeed is positioned at the forefront of the growing demand for high-performance electronic components. Read More
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Wolfspeed Inc (NYSE:WOLF) shares are trading higher Tuesday after the company initiated its pre-packed restructuring process, filing for Chapter 11 bankruptcy.
Wolfspeed, Inc. (NYSE: WOLF), a global leader in silicon carbide technologies, today announced that it has taken the next step to implement its previously announced Restructuring Support Agreement (“RSA”) with key lenders, including (i) holders of more than 97% of its senior secured notes, (ii) Renesas Electronics Corporation’s wholly owned U.S. subsidiary and (iii) convertible debtholders holding more than 67% of the outstanding convertible notes.
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According to the company, the proactive steps would better position it to execute its long-term growth strategy and accelerate its path to profitability.
Wolfspeed, Inc. (NYSE: WOLF) (“Wolfspeed” or the “Company”) today announced that, as part of its efforts to proactively strengthen its capital structure, it entered into a Restructuring Support Agreement (the “RSA”) with key lenders, including (i) holders of more than 97% of its senior secured notes, (ii) Renesas Electronics Corporation’s wholly owned U.S. subsidiary and (iii) 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%.
