Ropes & Gray Represents Holders of $2.1Billion of Convertible Notes Issued by Wolfspeed, Inc. (NYSE: WOLF) in Transformative $6.7 Billion Debt Restructuring

Ropes & Gray represents holders of $2.1 billion of convertible notes issued by Wolfspeed, Inc. (NYSE: WOLF), a global leader in silicon carbide technology, in connection with its proposed prepackaged chapter 11 plan of reorganization. This transaction involves approximately $6.7 billion of debt and includes a restructuring support agreement entered into with the company’s key stakeholders, including holders of more than 97% of its senior secured notes, convertible debtholders holding more than 67% of outstanding convertible notes, and a wholly owned U.S. subsidiary of Renesas Electronics Corporation. The transaction is expected to reduce Wolfspeed’s debt by $4.6 billion, which is equivalent to approximately 70% of the company’s total outstanding debt.  Convertible noteholders will take majority ownership of the equity and have backstopped new capital in the form of $275 million of new second lien convertible notes.  The transaction was announced in a press release issued on June 22, 2025.

The team includes restructuring partner Matthew Roose, finance partner Sam Badawi, litigation partner Brendan Hanifin, and tax partner Benjamin Rogers.