Semiconductor supplier Wolfspeed is preparing to file for bankruptcy within weeks, as it struggles to address its debt pile, the Wall Street Journal reported on Tuesday, citing sources familiar with the matter.
Shares of the company fell over 57% in extended trading.
Wolfspeed has been grappling with sluggish demand in industrial and automotive markets and tariff-induced uncertainty.
The company is looking to file for Chapter 11 bankruptcy that would have the support of a majority of its creditors, after rejecting several out-of-court debt restructuring proposals from creditors, the report said…. Full article
Source: www.reuters.com
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