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Benzinga
Benzinga
Business
Vaishali Prayag

BIZARRE: What s going on with wolfspeed shares today - You Need To See This

Wolf Wolfspeed
WolfspeedStuttgart,,Germany,-,09-20-2022:,Person,Holding,Smartphone,With,Logo,Of

Wolfspeed Inc. (NYSE:WOLF) shares plunged over 30% on Monday following reports suggesting the company plans to file for bankruptcy by July 1.

What To Know: According to Bloomberg, the semiconductor manufacturer reached a restructuring support agreement with key creditors, including Renesas Electronics, to reduce its $6.6 billion debt burden by about $4.6 billion. The deal also aims to cut Wolfspeed's annual interest expenses by 60% and give control of the company to convertible noteholders.

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