Wolfspeed, a semiconductor manufacturer with a facility in Marcy, Oneida County, has announced plans to file for Chapter 11 bankruptcy in the near future.

Power chip biz to hand over equity to lenders, wipe out most shareholders, and keep running during restructuring Wolfspeed, maker of bandgap chips for power and radio frequency applications, is to file for Chapter 11 bankruptcy in the "near future" after striking an agreement with creditors to cut its $6.

Wolfspeed shares plunged 30% to an all-time low Monday as the struggling chipmaker announced it had filed for Chapter 11 bankruptcy in order to implement a Restructuring Support Agreement (RSA) with key lenders.