Wolfspeed completes financial restructuring, emerges from Chapter 11 protection

Wolfspeed (WOLF) 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%, with maturities extended to 2030, and lowered its annual cash interest expense by roughly 60%. In addition, the company believes that it maintains ample liquidity to continue supplying customers with leading silicon carbide solutions. With a self-funded business plan supported by free cash flow generation, Wolfspeed is well positioned to leverage its vertically-integrated 200mm manufacturing footprint-underpinned by a secure and scalable U.S.-based supply chain-to drive sustainable growth.