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FTI Consulting handles the reorganization of Wolfspeed Inc. as the Durham, NC-based semiconductor company moves to slash its debt load.
Its restructuring support agreement reduces 70 percent ($4.6B) of its overall debt, and cuts annual interest payments by 60 percent.
The strengthened balance sheet puts Wolfspeed in the best position possible for the future, according to CEO Robert Feurle.
“A stronger financial foundation will enable us to focus acutely on innovation in rapidly scaling verticals undergoing electrification where quality, durability and efficiency matter most,” he said.
Wolfspeed expects to emerge from Chapter 11 by the end of the third quarter.
In May, Wolfspeed expressed concern over its financial viability due to weak demand, economic uncertainty and Trump’s tariff policies. It lost $949M on $560M net revenues for the nine-month period ended March.
FTI Consulting’s Rachel Chesley and Rose Temple represent Wolfspeed.
Public Policy Holding Company grew 27.5 percent to $50.1M during Q1, powered by the accelerating contribution from recent acquisitions and a 5.1 percent hike in organic revenues across its three operating segments.
Institutional Shareholder Services advises investors to vote "no" on a compensation package for WPP chief Cindy Rose at the May 8 annual meeting.
FTI Consulting chalked up a 9.5 percent rise in Q1 revenues to $983.3M, powered by gains in its PR, corporate finance and technology segments.
Stagwell reports 4 percent growth in Q1 net revenues to $585M and a record $141M in net new business wins.
WPP reported a 6.7 percent drop to $3.1B in Q1 like-like revenues less pass-through costs. CEO Cindy Rose says 'it will take time to outpace historical losses."
