Wolfspeed, a North Carolina manufacturer of semiconductors for electric vehicles, said it had struck a deal with creditors to reduce its near $6.5bn debt by more than two-thirds as a part of a bankruptcy package.
The transaction will nearly wipe out shareholders of the company, which had a market capitalisation last year of $4bn.
Wolfspeed last year had an agreement with the Biden administration to receive $750mn of funding through the Chips Act programme, the federal government’s multibillion-dollar fund to subsidise domestic semiconductor production.
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