Wolfspeed wins court approval for reorganisation plan
Wolfspeed says it has received court approval of its Plan of Reorganisation, a move that clears the way for the company to emerge from Chapter 11 protection in the coming weeks.
The semiconductor materials company said the plan will reduce its debt by about 70%, which it expects will strengthen its balance sheet and support its strategic focus on silicon carbide technologies.
“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, Chief Executive Officer of Wolfspeed, in a press release. “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 silicon carbide.”
The company did not disclose an exact timeline for its emergence from bankruptcy.
