AMERICAS DISTRESS DAILY: Wolfspeed to File Chapter 11 by July 1

Struggling chipmaker Wolfspeed Inc. plans to file for Chapter 11 bankruptcy protection by July 1 as part of a restructuring agreement.

• The deal is backed by key creditors, including Renesas and holders of more than 97% of its senior secured notes.
• The plan is expected to cut the company’s debt by about $4.6 billion, or 70%, and reduce annual interest expense by 60%.

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