Wolfspeed, Inc. has successfully completed its financial restructuring process, emerging from Chapter 11 protection with a significantly strengthened financial position and a refreshed Board of Directors.
Through the restructuring, Wolfspeed reduced its total debt by approximately 70%, extended maturities to 2030, and lowered its annual cash interest expense by roughly 60%. The company emphasized that it now has ample liquidity and a self-funded business plan supported by free cash flow generation. With its vertically integrated 200mm U.S.-based SiC manufacturing footprint, Wolfspeed is well positioned to drive growth in high-demand markets such as AI, electric vehicles, renewable energy, and industrial applications.
“This marks the beginning of a new era for Wolfspeed,” said Robert Feurle, CEO of Wolfspeed. “We enter this phase with improved financial stability, a scaled 200mm facility footprint, and the strong foundation needed to capture rising demand across rapidly growing end markets.”
As part of its emergence, Wolfspeed announced significant Board changes. Anthony M. Abate has been appointed Chairman, succeeding Tom Werner. Abate brings decades of leadership across technology, telecom, and investment sectors. He is joined by new Board members Mike Bokan, Eric Musser, Hong Q. Hou, and, pending regulatory approval, Aris Bolisay. They add extensive expertise spanning semiconductors, global sales, operational leadership, and financial strategy.
The appointments come as several directors, including Werner, Glenda Dorchak, John Hodge, Darren Jackson, Duy-Loan Le, Stacy Smith, and Marvin Riley, stepped down from the Board.
Feurle expressed gratitude to outgoing members: “Their leadership and input were vital as we navigated our financial restructuring. We now welcome new directors whose experience will help guide Wolfspeed as we strengthen our position in the global SiC market.”
With a cleaner balance sheet, reduced financial burden, and a reconstituted leadership team, Wolfspeed is positioning itself to scale operations, meet rising customer demand, and remain at the forefront of the silicon carbide power semiconductor industry.
Original – Wolfspeed