Wolfspeed Assures Customers of Continued Supply Post-Bankruptcy
Wolfspeed, a leading manufacturer of silicon carbide-based chips, has reassured customers of its continued supply despite recent financial challenges. The company, which filed for Chapter 11 protection in June, has since emerged from bankruptcy and secured sufficient liquidity.
Wolfspeed's financial struggles began due to economic uncertainty and weakening demand, leading to its bankruptcy filing in late June. However, the company has since managed to reduce its total debt by nearly 70% and lower its annual cash interest expense by approximately 60%.
Following its exit from Chapter 11 bankruptcy, Wolfspeed has confirmed it has adequate liquidity to continue supplying customers with its products. This news comes as a relief to clients who rely on Wolfspeed's silicon carbide-based chips.
Wolfspeed's successful debt reduction and emergence from bankruptcy ensure the company's stability and commitment to its customers. With sufficient liquidity secured, Wolfspeed can continue to focus on its core business of producing and supplying silicon carbide-based chips.
