"Over the past year, we have taken decisive actions to realign our cost structure and strengthen our operations," said Gregg Lowe, Chief Executive Officer of Wolfspeed. "Despite workforce reductions, site consolidations, and the transition of our device business to a 200 mm SiC fabrication facility, global market dynamics and our significant debt load have made a comprehensive restructuring necessary to secure our long-term viability." Key factors influencing the decision include: "Filing under Chapter 11 will provide us the appropriate framework to implement an equitable restructuring plan supported by most of our creditors," added Lowe. "This step allows us to continue serving our customers without interruption, invest in our highest-value technologies, and emerge as a stronger, more competitive company."