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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.
WPP chief Cindy Rose is cutting up to 1,000 jobs by the end of the year, adding to the 11K jobs lost since the start of 2025, according to a report in the Financial Times.
WPP CEO Cindy Rose declares her stabilization plan is "firmly on track" as the company reports a 4.7 percent dip in 1H revenues.
FTI Consulting reported a 2.6 percent drop in Q2 strategic communications revenues to $100M, a shortfall largely due to a $7.4M decline in pass-through revenues.
Omnicom CEO John Wren reported a 7.2 percent rise in Q2 “core operations” to $6B and a 6.1 percent spurt on an organic basis.
Publicis Groupe’s H1 net revenues inched ahead by 1.1 percent to $8.3B. Organic growth hit the 4.7 percent mark.
