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учебник. технология социальной работы в организации, Chipmaker Wolfspeed Hits Ch. 11 With Plan To Ax $4.6B Debt, Struggling Semiconductor Firm Wolfspeed Files for Bankruptcy, Wolfspeed surges more than 100% after revealing - MSN, Chipmaker Wolfspeed files for Chapter 11 bankruptcy, aims to , Wolfspeed Enters Bankruptcy to Cut $4.6 Billion Debt While , Wolfspeed files for Chapter 11 bankruptcy to reduce debt , Chipmaker Wolfspeed to file for bankruptcy.
CategorySummary of Key PointsOverall ThesisThe restructuring plan will save Wolfspeed as a company but will effectively wipe out existing shareholders. The key to success is operational execution (improving factory yields), not market demand.Restructuring Plan- Senior Debt: Will be paid down or rolled into new debt, recovering ~100%.- Unsecured Creditors: Will receive 95% of the new company's equity plus new notes.- Legacy Shareholders: Will receive only 3-5% of the new equity, resulting in a de minimis recovery.Valuation- The author estimates the value of the reorganized equity at $0.6 - $2.5 billion.- This implies a value for legacy shares of $0.12 - $0.80 per share, which is mostly below the current price of $0.90.Financials- Cash on Hand: $1.3 billion.- Cash Burn: ~$350 million projected free cash deficit in FY26 after cost-cutting.- Outlook: The company can survive until FY27 without new capital if the Mohawk Valley factory ramp-up is successful.Key Risks- Execution: Failure to improve production yield at the Mohawk Valley fab.- Funding: Political risk to the paused $750m CHIPS Act grant.- Competition: Increased SiC capacity from competitors like Infineon, ST, and ON Semi.- Demand: Pressure on chip prices, highlighted by Tesla's plan to reduce SiC use.Key Strengths- Technology: A lead in 200mm wafer technology and production.- Diversification: Growing business in non-automotive sectors like solar and data centers.- Governance: Strong oversight from new creditor-owners (Apollo, Renesas) who will hold board seats.Investment Ideas- Attractive: The new 2nd-lien convertible debt is seen as the best way to invest, offering an attractive entry point.- Unattractive: The legacy stock (WOLF) is considered a poor risk/reward, with a recommendation to short it.- Pairs Trade: Long ON Semi / Short ST Microelectronics to bet on superior execution in the SiC space.Upcoming CatalystsKey events to watch include the creditor vote results (mid-July), court hearings (early Aug), Mohawk Valley utilization hitting 40% (Q1 FY26), and the CHIPS funding deadline (Dec 31, 2025)., Semiconductor maker Wolfspeed Inc. filed for Chapter 11 protection in Texas bankruptcy court Monday with a plan supported by its senior lenders to slash about $4.6 billion of debt and emerge from , Wolfspeed Inc., a chipmaker caught in President Donald Trump’s push to reshape Biden-era tech subsidies, filed bankruptcy to enact a creditor-backed plan to slash $4.6 billion in debt..
After finishing the process, Wolfspeed expects to reduce its debt by 70%, or $4.6B, and reduce its annual total cash interest payments by 60%. The Durham, N.C.-based company has already filed for , Wolfspeed, a Durham-based semiconductor maker, files for Chapter 11 bankruptcy to reduce debt by $4.6 billion while continuing operations., With $6.5 billion in debt weighing on its balance sheet and production lines running far below capacity, Wolfspeed's carefully orchestrated "prepackaged" bankruptcy aims to shed 70% of its financial burden while keeping its factories humming., Wolfspeed files for Chapter 11 bankruptcy to seek debt solution. What this means for workers at Durham, North Carolina semiconductor chipmaker., Dive Brief: Semiconductor manufacturer Wolfspeed has entered a restructuring agreement with its top creditors to cut $4.6 billion in debt through Chapter 11 bankruptcy. The Durham, North Carolina , .