Wolfspeed Shares Drop on Doubts Over Bankruptcy Exit Timeline

Court approval of a plan to cut roughly 70% of debt has not dispelled concern about how quickly the company will emerge from Chapter 11.

Overview

Wolfspeed fell 9.56% Thursday to close at $2.46 as investors questioned its near‑term exit target.
The U.S. Bankruptcy Court approved the company’s reorganization plan on September 8.
The plan aims to reduce the debt load by about 70% to bolster financial flexibility.
CEO Robert Feurle said the restructuring is expected to be completed in the coming weeks and thanked lenders that backed the plan.
The company highlights its silicon carbide strategy and says operations continue as it works through remaining steps to exit.