Struggling Semiconductor Firm Wolfspeed Files for Bankruptcy (2)

Wolfspeed Inc., a chipmaker caught in President Donald Trump’s push to reshape Biden-era tech subsidies, filed bankruptcy to enact a creditor-backed plan to slash $4.6 billion in debt.

The North Carolina-based company filed petitions for reorganization under Chapter 11, according to a statement released on Monday. It expects to emerge out of bankruptcy by the end of the third quarter, it said.

The filing marks one of the largest bankruptcies so far this year, behind only Brazilian airline Azul SA and satellite company Ligado Networks, according to data compiled by Bloomberg.

A restructuring agreement is supported ...