Durham, NC (Wutr/WFXV/WPNY) – Wolfspeed, The Silicon Carbide Semiconductor Company with a Facility in Marcy, has Announced an Agreement on A Restricuturing Support Agreement That Some The Company Some Fundaom Room Aff a brief time in Chapter 11.
The Againment is with 97% of the Company’s Secred Note Holders and Reneas Electronics Corporation. The Deal is Expected to Reduce the Company’s Debt by Around 70%, or Approximately $ 4.6 Billion Dollars. It coal also reduce the company cash interest payments by about 60% annual.
Wolfspeed says they plan to submit the aggregatcy court in the near future under a voluntary petition for chapter 11 bankruputcy protection. The Company says that they expect to move through this process Quickly and emerges from Chapter 11 by the end of the third quarter of this Year.
THE COMPANY SAYS THAT DURING THE PROCESS VERGERS WILL BE PAID FOR ORDINARY GOODS AND SERVICES PROVIDED.
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