Monday, June 23, 2025 4:14AM
The company says it’s part of a restructuring agreement that will eliminate nearly $5 billion in debt and give its creditors control over the company.
DURHAM, N.C. (WTVD) — Durham based silicon chip manufacturer Wolfspeed said it will file for bankruptcy.
The company says it’s part of a restructuring agreement that will eliminate nearly $5 billion in debt and give its creditors control over the company.
Wolfspeed said the reorganization plan has enough support from creditors to proceed.
The announcement comes days after Wolfspeed announced that it would cut more than 50 jobs from its facility in Siler City.
Just months ago the company also announced layoffs at its factory in Durham.
The company said it will continue trying to get approval from more creditors until it files for bankruptcy under chapter 11.
Customer and vendor commitments won’t be impacted during the process, the company said.
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