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It's Official: Wolfspeed Files For Chapter 11 Bankruptcy
WKTV -- As expected, Wolfspeed announced it has filed Chapter 11 bankruptcy. By filing, the company is looking to cut its debt by almost 70 percent which is approximately $4.6 billion. The company, based in North Carolina, has the plant in Marcy, and expects to emerge from bankruptcy in the third quarter of this year.
Wolfspeed Shares Soar After Chapter 11 Bankruptcy Filing
Shares of Wolfspeed climbed after the company filed a prepackaged Chapter 11 bankruptcy to restructure its debt. The stock rose 90% to 76 cents in after-hours trading following the filing on Monday. Shares dropped to 52-week low of 39 cents in the market session and have plunged 94% this year.
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