Wolfspeed shares surged 82% in premarket trading on Tuesday after the company said its Chapter 11 reorganization plan has been approved by the court.
The Durham, N.C., chipmaker said after the closing bell that it expects to emerge from Chapter 11 protection in the next several weeks with about 70% less debt.
"We look forward to emerging with the financial flexibility to move swiftly on our strategic priorities and reinforce our leadership in silicon carbide," Chief Executive Robert Feurle said.
Wolfspeed in June filed a prepackaged Chapter 11 bankruptcy in order to restructure its debt.
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