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.

The restructuring support agreement (RSA) will see the company receive $3 billion in convertible bonds and a $2bn loan from the US subsidiary of Renesas Electronics, allowing Wolfspeed to reduce its $6.5bn debt by around 70 percent, and cutting its annual total cash interest payments by approximately 60 percent.