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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.
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.
The brand has been a mall staple but consumers have lost interest and the fashion brand faces a sale or closure.
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