Wolfspeed entra em colapso: prepara pedido de falência em acordo de reestruturação com credores
O gigante de semicondutores Wolfspeed está à beira do abismo. A empresa anunciou planos para entrar com pedido de falência como parte de um acordo de reestruturação com credores - um movimento desesperado que chega tarde demais para acalmar os mercados.
Fontes próximas ao caso revelam que as negociações estão em estágio avançado, mas os detalhes do acordo permanecem sob sigilo. O que sabemos: a Wolfspeed está tentando evitar um naufrágio completo enquanto navega por águas financeiras turbulentas.
Analistas apontam que a jogada chega após meses de pressão crescente sobre o balanço da companhia. 'É o clássico caso de muito pouco, muito tarde', comenta um gestor de hedge fund que prefere não se identificar - enquanto ajusta sua posição short contra a ação.
O setor de semicondutores continua sua montanha-russa em 2025, com a Wolfspeed sendo a mais recente vítima da guerra de preços e da desaceleração global. Resta saber se os credores conseguirão extrair algum valor do que sobrou - ou se este será mais um nome para o cemitério das startups que queimaram capital rápido demais.
The market reacts swiftly to Wolfspeed’s plan
According to the Wall Street Journal, the company which makes carbide wafers and semiconductor components mostly in the US, indicated that it signed restructuring agreements with most of its senior and convertible noteholders and is also planning to ask creditors to approve the terms.
Following the news, the market also responded swiftly as the chip supplier’s shares fell 12% in premarket trading. The company has lost more than 86% on a year to date basis following a 59% plunge on initial bankruptcy rumors on May 20.
The company had recently had shifted its focus to manufacture semiconductors for drivetrains and electric vehicles (EV) charging systems.
However, Wolfspeed’s operations collided with the tight US tariffs, coupled with a slowdown in EV demand which put pressure on its balance sheet. An unsustainable debt burden forced the company to pursue this route.
“After evaluating potential options to strengthen our balance sheet and right-size our capital structure, we have decided to take this strategic step because we believe it will put Wolfspeed in the best position possible for the future.”
CEO Robert Feurle.
With a restructuring exercise on the pipeline, this could help the company achieve a cleaner balance sheet and a fresh runway, although equity holders face near-total dilution.
Wolfspeed targets to get fresh funding
According to the company, the restructuring exercise should see it unlock fresh financing amounting to $275 million. The plan, which was announced on June 22 is expected to reduce annual expenses by 60% and leave the existing shareholders with a reorganised equity stake of 3% and 5%.
As of 31 March this year, the chip supplier had $1.3 billion in cash enough to sustain operations as well as support customers during the restructuring exercise.
Wolfdspeed is targeting end of the third quarter of this year to emerge from the bankruptcy after a vote on its pre-packaged plan of reorganization under Chapter 11. According to Guru Focus, prepackaged plans usually speed up court approvals by negotiating terms in advance.
Wolfspeed aims to maintain its operations including serving customers as well as paying vendors as usual. Existing equity holders will receive a small percentage of new common equity, according to Tipranks. The company also recently laid off 73 workers at its Siler City facility.
Prior the bankruptcy news, Wolfspeed stock had a moderate sell consensus rating based on two Buys, four Sell and one Hold rating on Tipranks.
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