Wolfspeed’s Lender Takeover Plan Gets Confirmed by Court

A bankruptcy court has confirmed Wolfspeed Inc.’s restructuring plan at a Monday court hearing, about five weeks after the chipmaker filed for Chapter 11.

• The plan will cut the firm’s funded debt obligation by more than $4.6 billion, give shareholders new public-listed equity, and leave unsecured creditors unimpaired, according to Alexander W. Welch, a company lawyer
  • The chipmaker plans to emerge by end-September and is still in discussion with some regulatory bodies, Welch said
• The reorganized company’s enterprise value is estimated to be $2.35 billion to $2.85 billion, according to court papers
  • Convertible noteholders are expected to get a ...