Chipmaker Wolfspeed reaches agreement with creditors, plans bankruptcy filing

Wolfspeed plans to file for bankruptcy in the United States under a restructuring agreement with creditors, which would provide it with fresh financing and slash debt by nearly 70%, the struggling chipmaker said on Sunday.

Wolfspeed raised going-concern doubts in May, as deepening economic uncertainty stemming from changing U.S. trade policies, combined with weakening demand, triggered a series of financial challenges.