AMERICAS DISTRESS DAILY: Wolfspeed Plunges on Bankruptcy Report

Wolfspeed shares plunged 43% in extended trading Tuesday following a report that the chipmaker is preparing to file for bankruptcy within a matter of weeks. Wolfspeed is aiming to hash out a Chapter 11 plan to restructure its debt.

• Wolfspeed passed on multiple debt-holder proposals to restructure its debt out of court, the Wall Street Journal reported.
• The company’s bankruptcy filing is expected to occur within a matter of weeks.

In Other News:

• Ardagh Group SA’s negotiations with unsecured bondholders over a capital structure overhaul have broken down due to disagreements on the future ownership of the metals business. ...