India, June 22 -- Wolfspeed Inc. (WOLF) announced that it plans intends to solicit approval of pre-packaged plan of reorganization and then file voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the near future. The company expects to move through this process expeditiously and emerge by the end of third quarter calendar year 2025.
The company said it entered into a Restructuring Support Agreement or the "RSA" with key lenders, including holders of more than 97% of its senior secured notes, Renesas Electronics Corporation's wholly owned U.S. subsidiary and convertible debtholders holding more than 67% of the outstanding convertible notes. The transactions envisioned by the RSA are expected to reduce the...