News: Microelectronics
30 September 2025
Wolfspeed completes financial restructuring and emerges from Chapter 11 protection
Wolfspeed Inc of Durham, NC, USA — which makes silicon carbide (SiC) materials and power semiconductor devices — has completed its financial restructuring process and emergence from Chapter 11 protection.
Through the restructuring process, Wolfspeed has reduced its total debt by about 70%, with maturities extended to 2030, and lowered its annual cash interest expense by roughly 60%. In addition, the firm believes that it maintains ample liquidity to continue supplying customers with silicon carbide solutions. With a self-funded business plan supported by free cash flow generation, Wolfspeed reckons that it is well positioned to leverage its vertically integrated 200mm manufacturing footprint — underpinned by a secure and scalable US-based supply chain — to drive sustainable growth.
“Wolfspeed has emerged from its expedited restructuring process, marking the beginning of a new era, which we are entering with new energy and a renewed commitment to the growth mindset and entrepreneurial spirit that have powered Wolfspeed since its inception,” says CEO Robert Feurle. “As we enter this new era, we do so with much improved financial stability, a scaled, greenfield and vertically integrated 200mm facility footprint, and our large capital deployment behind us,” he adds.
“We are well positioned to capture rising demand in end markets, such as AI, EVs, industrial and energy, that are rapidly growing and recognizing silicon carbide’s potential,” Feurle believes. “I look forward to unleashing the full potential of the platform that we have built with a much stronger financial foundation to support us.”
Wolfspeed appoints five directors to board
In connection with its emergence from the Chapter 11 process, Wolfspeed has appointed Anthony M. Abate, Mike Bokan, Eric Musser, Hong Q. Hou and (pending certain regulatory approvals) Aris Bolisay to its board of directors (joining existing board members Mark Jensen and Paul Walsh, who will continue in their roles as directors). Abate will succeed Tom Werner as chairman of the board.
“They bring extensive semiconductor and industry knowledge, deep accounting and finance expertise, and experience guiding companies towards profitability,” comments CEO Robert Feurle. “Their insight and leadership will be instrumental as we build on the current momentum underway, oversee the execution of Wolfspeed’s strategic priorities, and strengthen our position in the global silicon carbide market,” he adds.
In connection with these appointments, Tom Werner, Glenda Dorchak, John Hodge, Darren Jackson, Duy-Loan Le, and Marvin Riley have stepped down from the board.
“I would like to thank our former board members for their service and dedication to Wolfspeed, particularly over the last few months as we have navigated our financial restructuring,” Feurle says. “Their leadership, input and expertise have been vital throughout this process.”
Abate is an experienced board director, entrepreneur and executive with more than four decades of leadership in technology, telecom and consumer sectors. He currently serves as chairperson of global tier-1 IP network operator GTT Communications, business communications and collaboration service provider Mitel, and specialty iron-ore mining company Tacora Resources.
Bokan joined memory and storage solutions firm Micron Technology Inc in 1996 and held senior roles including general manager of the Crucial division, director of sales (2003), senior director of sales (2007), VP of worldwide OEM sales (2008), corporate VP of worldwide sales (2017) and then senior VP of worldwide sales from 2018 until retiring in May 2025. He built and sustained deep relationships with OEM, hyperscale and distribution partners, helping to drive record revenue for the company.
Musser recently completed a 39-year career with Corning Inc, culminating as president & chief operating officer. In 2005, he was appointed general manager of Corning Optical Fiber, where he restored stability and growth following the telecoms industry downturn of the early-2000s. In 2007, he became general manager, Corning Greater China, and president of Corning International. In 2014, he led multiple Corning Technologies & International businesses encompassing the automotive and life-sciences businesses, and international business development. In 2020, Musser was appointed president & chief operating officer. During this period, Musser also served on the US-China Business Council board of directors.
Hou has been president & CEO of Semtech since June 2024 and a board member since July 2023. He was most recently president of the Semiconductor Group at automated wafer handling and contamination control solutions provider Brooks Automation. Prior to that, he was corporate VP & general manager of the cloud and edge networking group of Intel Corp. Previously, Hou held executive leadership positions at Fabrinet, AXT and Emcore. He also held technical roles at Bell Laboratories and Sandia National Laboratories.
Bolisay is currently VP of finance at Tokyo-based Renesas Electronics Corp. Previously, he was head of its Accounting and Control Division from March 2019 through June 2021. He was also senior director and corporate controller as well as a director and assistant controller at US-based Integrated Device Technology Inc (acquired by Renesas) between June 2014 and March 2019.
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Wolfspeed files for Chapter 11 bankruptcy as part of financial restructuring
