:max_bytes(150000):strip_icc()/GettyImages-2213582771-e8898b96164a49e69f818200bac6b5dd.jpg?w=1920&resize=1920,1440&ssl=1 "Wolfspeed Stock Plummets 70% on Report Firm Preparing to File for Bankruptcy")
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key takeaways
- Volfspid is allegedly considering admission to bankruptcy within weeks as it struggles with a growing debt.
- The Wall Street Journal Said that silicon carbide chipmaker has turned down several schemes by creditors to restructure their debt.
- The news sent Volfspeed shares to an all -time low.
Volfspeed (Wolf) on Wednesday cret a day after a report that the struggling silicon carbide chip manufacturer would be “within weeks” for bankruptcy.
The Wall Street Journal On Tuesday afternoon, the company had rejected several proposals by the creditors to restructured its loan, looking at the plan to use the Volfspid chapter 11 bankruptcy in a way that is acceptable for the majority debuders.
The company has been under financial pressure for months, and it increased in March when outgoing executive chairman Tom Warner warned that $ 750 million in the Volfspeed grant and $ 1 billion in tax credit, which was hoping under the 2022 Chips and Science Act. In addition, in this month the company added two board members and two board members were added and connected to assistance with loans.
Investopedia The comment has reached Volfspeed, but no response has been received.
The news sent Wolfspeed shares to an all -time low on Wednesday morning, and they are now trading at less than $ 1.
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