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Wolfspeed, Inc. announced that it has taken the next step to implement its previously announced Restructuring Support Agreement (“RSA”) with key lenders, including (i) holders of more than 97% of its senior secured notes, (ii) Renesas Electronics Corporation’s wholly owned U.S. subsidiary and (iii) convertible debtholders holding more than 67% of the outstanding convertible notes.
Upon emergence from the process, the Company expects to have reduced its overall debt by approximately 70%, representing a reduction of approximately $4.6 billion and a reduction of its annual total cash interest payments by approximately 60%. By taking this proactive step, the Company expects to be better positioned to execute on its long-term growth strategy and accelerate its path to profitability. Wolfspeed is continuing to operate as usual throughout the process, including delivering silicon carbide materials and devices to its customers and paying its vendors in the ordinary course.
To implement the prepackaged plan, the Company has voluntarily filed petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Wolfspeed expects to move through the process expeditiously and emerge by the end of the third quarter calendar year 2025.
“We are continuing to move forward with our accelerated restructuring process to strengthen our capital structure and fuel our next phase of growth,” said Robert Feurle, Wolfspeed’s Chief Executive Officer. “With a stronger financial foundation, Wolfspeed will be better positioned to move faster on our strategic priorities and maintain our position as a global leader in the silicon carbide market. The strong support of our lenders is a testament to their belief in our business and our ability to capitalize on the opportunities ahead, driven by our exceptional, purpose-built, fully automated 200mm manufacturing footprint.”
He continued, “Looking ahead, we remain laser-focused on delivering cutting-edge products to our customers and working with our vendors in the normal course. I’d also like to thank our employees for their hard work and continued commitment to driving the business forward. I am confident that taking this action will better position Wolfspeed to meet the growing demands of the semiconductor market.”
Wolfspeed has filed a number of customary motions with the Court to support ordinary-course operations, including, but not limited to, continuing employee compensation and benefits programs. The Company is continuing to pay vendors in the ordinary course of business for goods and services delivered throughout the restructuring process via an All-Trade Motion. Vendors are expected to be unimpaired in the process. The Company expects to receive court approval for these requests shortly.
For additional information regarding the restructuring, please visit Wolfspeed’s dedicated microsite at wolfspeedforward.com. Information about Wolfspeed’s Chapter 11 case can be found at https://dm.epiq11.com/Wolfspeed or by contacting Epiq, the Company’s claims agent, at (888) 818-4267 (for toll-free U.S. calls) or +1 (971) 606-5246 (for tolled international calls).
Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders’ financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders.
Original – Wolfspeed
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Infineon Technologies AG has completed the sale of its 200 mm fab in Austin, Texas. As announced in February 2025, SkyWater Technology will assume operations with current employees, and further develop the site to support multiple customers.
As such, SkyWater and Infineon have also entered into a long-term supply agreement that enables Infineon to maintain a strong, efficient and scalable manufacturing footprint in the United States. Infineon remains committed to keeping a long-term presence in Austin and continuing to further develop R&D and sales operations across Texas.
Original – Infineon Technologies
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Okmetic has successfully produced the first wafers from its new Vantaa fab expansion in Finland. Okmetic Vantaa fab focuses on 150-200 mm silicon and bonded silicon-on-insulator (SOI) wafers with large fab expansion adding 200 mm polished wafer capacity significantly.
The completion of the first phase of what will ultimately be 400 million euro expansion, the largest investment in company history, is a significant milestone coinciding with Okmetic’s 40th anniversary. With the first wafers successfully produced, the company is now preparing for sample deliveries to customers, marking the next step in ramping up production.
Vantaa site Fab expansion is set to more than double Okmetic capacity by 2030. The construction of the expansion began in early 2023. Spanning over 40,000 m², the expansion includes a 6,000 m² cleanroom area along with crystal growth and wafering areas. The fab expansion is equipped with state-of-the-art technology, with focus on energy efficiency.
Building on previous investments, Okmetic has significantly expanded its manufacturing capabilities in recent years, including doubling bonded SOI production capacity between 2017 and 2021 and adding a patterning line for Cavity SOI (C-SOI®) production in 2019.
This latest expansion further strengthens Okmetic’s ability to meet growing semiconductor industry demands. By significantly increasing 200 mm polished wafer capacity, it reinforces Okmetic’s position as a leading supplier of advanced silicon wafers based in Europe, ensuring a stable and high-quality supply of 150–200 mm wafers.
Original – Okmetic
