Wolfspeed nears bankruptcy deal with lenders including Apollo, Bloomberg News reports

The company will soon announce a deal for a so-called prepackaged bankruptcy, that would be long enough to slash billions in debt, the report said. After a restructuring support agreement is signed, Wolfspeed will ask creditors to vote on the plan and then file for Chapter 11 bankruptcy protection. Shares of Wolfspeed, which makes chips using silicon carbide — a more energy-efficient material than traditional silicon, rose about 3% to $1.29 on Wednesday.