SiC巨头，将申请破产

Core Viewpoint - Wolfspeed, a leader in SiC technology, is preparing to file for Chapter 11 bankruptcy due to significant debt issues and declining demand in the industrial and automotive markets, leading to a stock price drop of over 57% in after-hours trading [1]. Financial Performance and Projections - Wolfspeed's projected revenue for 2026 is $850 million, which is below analysts' expectations of $958.7 million [1]. - The company has over $1.3 billion in cash as of March, indicating sufficient liquidity for short-term operations [1]. Debt and Restructuring Efforts - The company is facing a $575 million convertible debt due on May 1, 2026, with additional debts maturing in 2028, 2029, and 2030 [1]. - Despite proposals from creditors for out-of-court debt restructuring, Wolfspeed is considering a more comprehensive court-based solution to strengthen its balance sheet within the next 12 months [4]. Cost-Cutting Measures - Wolfspeed has implemented aggressive cost-cutting measures, including a 25% reduction in its workforce, amounting to a cut of 1,250 employees, and a 30% reduction in its senior leadership team [2]. - The company is also closing its 150mm equipment factory in Durham as part of its restructuring efforts [2]. Management and Strategic Direction - The recent earnings call marked the first appearance of new CEO Robert Feurle and the last for outgoing CFO Neill Reynolds, indicating a shift in leadership during a critical time for the company [3]. - The management remains optimistic about the company's potential, emphasizing that the foundational elements for success are in place [3].