Troubled silicon carbide supplier Wolfspeed says it has successfully completed its financial restructuring process and emergence from Chapter 11 protection.
The company has reduced its total debt by approximately 70%, and lowered its annual cash interest expense by roughly 60%.
Wolfspeed believes it maintains ample liquidity to continue supplying customers with leading silicon carbide solutions.
“Wolfspeed has emerged from its expedited restructuring process, marking the beginning of a new era, which we are entering with new energy and a renewed commitment to the growth mindset and entrepreneurial spirit that have powered Wolfspeed since its inception,” said Robert Feurle, Chief Executive Officer of Wolfspeed. “As we enter this new era, we do so with much improved financial stability, a scaled, greenfield and vertically integrated 200mm facility footprint, and our large capital deployment behind us.”
Feurle continued, “We firmly believe that we are well positioned to capture rising demand in end markets, such as AI, EVs, industrial and energy, that are rapidly growing and recognizing silicon carbide’s potential. We remain committed to our mission to deliver cutting-edge solutions to our customers to ensure Wolfspeed remains at the forefront of the industry. I am deeply grateful to our valued employees, who are the key drivers of our success, as well as to our customers, vendors and lenders for their unwavering support and confidence throughout this process. I look forward to unleashing the full potential of the platform that we have built with a much stronger financial foundation to support us.”
As the company emerged from Chapter XI, it named five new board members who bring semiconductor and industrial heft.
Anthony M Abate, currently Chair of GTT Communications, a leading global Tier-1 IP network operator and business communications service provider Mitel becomes Chair of Wolfspeed, succeeding Tom Werner. Also joining the board are Mike Bokan, previously Senior Vice President of Worldwide Sales at Micron Technology from 2018 until retiring in May 2025, Eric Musser, formerly President and Chief Operating Officer at Corning, Hong Q Hou, President and CEO of Semtech and, pending certain regulatory approvals, Aris Bolisay, Vice President of Finance at Renesas.
The quintet will join current Board members, Mark Jensen and Paul Walsh, who will continue in their roles as directors.
Tom Werner, Glenda Dorchak, John Hodge, Darren Jackson, Duy-Loan Le, Stacy Smith, and Marvin Riley have stepped down from the Board.
“We are pleased to welcome these new members to our Board. They bring extensive semiconductor and industry knowledge, deep accounting and finance expertise, and experience guiding companies towards profitability. Their insight and leadership will be instrumental as we build on the current momentum underway, oversee the execution of Wolfspeed’s strategic priorities, and strengthen our position in the global silicon carbide market,” commented Wolfspeed CEO Robert Feurle.
