Struggling Semiconductor Firm Wolfspeed Files for Bankruptcy

(Bloomberg)

North Carolina -based company, according to a statement published on Monday, filed a petition for restructuring under the episode 11. It is waiting to leave bankruptcy until the end of the third quarter.

According to the data compiled by Bloomberg, the filing points to one of the biggest bankruptcies so far this year, only the Brazilian airline Azul Sa and the satellite company Ligado networks.

The company, a restructuring agreement, the majority of high -level assurance grades, debtholders, an important customer in Japan, Reneesas Electronics Corp. said it was supported by. Robert Feurle, General Manager of Wolfspeed, said the company expects more focus on the production of 200mm silicone carbide wafer.

Wolfspeed only days before the file, Wolfspeed said he made a restructuring agreement and aimed to apply for Chapter 11.

Wolfspeed, Apollo Global Management Inc. He has discussed the debt burden with the lenders, including, and tried to re -finance convertible bonds that should be next year. Yonca manufacturer, reorganized the company for Özkaynak this debt by changing the bond debt and renesas will reduce a loan, he said.

Short sellers, when a stock fell, the decline investors, the company’s problems, collapsed to Wolfspeed this year while making snowballs.

In the last few months, Wolfspeed has announced changes to the management team and warned that he hired consultants to address the debt burden.

To expand the production, the company won a $ 750 million award from the federal government under the Cips and Science Law, which was supported by former President Joe Biden last year. However, since Trump took office in January, the administration has been re -working most of the awards.

According to a regulatory file, Wolfspeed collected only a part of the money and was locked in negotiations with the management.

-Help from Dorothy Ma.

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