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Wolfspeed Eyes Bankruptcy Filing Amid Debt Struggles and Weak Demand

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Wolfspeed, a leading U.S. semiconductor firm specializing in silicon carbide chips, is reportedly preparing to file for Chapter 11 bankruptcy within weeks, according to sources cited by The Wall Street Journal. The move comes as the company faces mounting debt, weakened demand, and heightened market uncertainty due to tariffs and macroeconomic pressures.

Shares of Wolfspeed (WOLF.N) plunged more than 57% in after-hours trading following the news.

The company, which serves industrial and automotive markets, has been wrestling with declining demand and recently rejected multiple out-of-court debt restructuring proposals. It is now seeking a court-supervised process with the backing of a majority of its creditors, as part of a pre-packaged bankruptcy strategy.

Earlier this month, Wolfspeed signaled financial distress by raising “going-concern” doubts and significantly lowering its revenue outlook. It forecast $850 million in revenue for fiscal 2026, falling short of analysts’ consensus of $958.7 million.

Wolfspeed declined to comment on the bankruptcy report when contacted by Reuters.

As one of the few major U.S. producers of silicon carbide chips — vital for electric vehicles and renewable energy systems — the company’s financial woes could ripple across the supply chain, especially as global chipmakers face persistent economic headwinds and shifting trade dynamics.

DigitalBridge-Led Group Advances in Bid to Acquire WideOpenWest, Deal Expected Soon

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A group led by DigitalBridge and Crestview Partners is moving forward with negotiations to acquire WideOpenWest (WOW), a broadband and cable services provider, in a potential deal that could conclude a year-long effort to take the company private, according to sources familiar with the talks.

The discussions between the bidding group and WideOpenWest have intensified in recent weeks, and the deal could come together in the next few weeks unless there are any unforeseen complications. However, the parties are still working through some of the deal’s terms, and it remains uncertain whether an agreement will be finalized.

In May, WideOpenWest received a non-binding offer from the group, valued at approximately $406 million, representing a 32% premium over the company’s closing price at the time. The latest market price of the company’s shares is near the offer price.

WideOpenWest, headquartered in Englewood, Colorado, provides broadband and cable services to nearly 2 million customers across the Midwest and Southeast United States. The company has also made efforts to restructure its debt in recent months, raising about $200 million in October.

Leftist Candidate Anura Kumara Dissanayake Leads Sri Lanka Presidential Race Amid Historic Economic Crisis

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Anura Kumara Dissanayake, a leftist politician and leader of Sri Lanka’s National People’s Power (NPP) party, is leading in the country’s first presidential election since mass protests unseated former leader Gotabaya Rajapaksa in 2022. Early results from the election, held on Saturday, show Dissanayake with 42% of the vote. Opposition leader Sajith Premadasa trails with 32%, while incumbent President Ranil Wickremesinghe has garnered 16%, and Namal Rajapaksa, nephew of the ousted president, is at 3%.

Dissanayake’s anti-corruption platform and promises of good governance have resonated with voters seeking systemic change after Sri Lanka’s devastating economic crisis. Although Dissanayake has not yet secured the required 51% to win outright, supporters of his rivals, including those of Wickremesinghe and Premadasa, have already begun to congratulate him on his apparent victory.

With no candidate having yet reached the necessary majority, Sri Lanka may face a second round of voting. All eight of the country’s previous presidential elections have seen a winner emerge after the first round. This race is considered one of the closest in Sri Lanka’s history, with 17 million citizens eligible to vote.

The election has been described as the most peaceful in the country’s history, but a curfew was imposed late Saturday night for public safety. The new president will face significant challenges, particularly in reviving the economy and addressing the poverty that worsened after the country’s 2022 economic meltdown. Sri Lanka’s foreign currency reserves were depleted, inflation soared to 70%, and public debt hit $83 billion, making everyday essentials unaffordable for many.

Dissanayake’s leadership will be crucial in navigating these economic challenges and addressing the long-standing issues of corruption and mismanagement, which many Sri Lankans blame on the Rajapaksa family’s decade-long rule. Wickremesinghe’s efforts to stabilize the economy through a $2.9 billion International Monetary Fund (IMF) bailout provide some hope, but the strict economic reforms required by the IMF remain contentious.

Sri Lanka continues to restructure its $36 billion foreign debt, with $7 billion owed to China, the country’s largest bilateral creditor.