Wolfspeed Shares Surge Following Court Approval of Restructuring Plan

Wolfspeed shares experienced a dramatic rally on Friday, soaring 23.94% after a bankruptcy court formally approved the semiconductor company’s restructuring proposal. This judicial clearance paves the way for the company to exit Chapter 11 proceedings within the coming weeks, representing a pivotal moment for the technology firm.

The court’s ruling enables Wolfspeed to slash its debt burden by approximately 70%, equating to a reduction of roughly $4.6 billion. In a parallel development, the company’s annual interest payments will decrease by an estimated 60%, significantly enhancing its operational flexibility and financial health. This outcome substantially exceeded market expectations, fueling the powerful stock price advance.

Chief Executive Officer Robert Feurle welcomed the decision, stating, “This milestone establishes a clear path to finalize our... Read more...