Wolfspeed’s Cosmic Stock Conundrum
Wolfspeed’s journey through Chapter 11 bankruptcy reads like a dystopian novel written by a sleep-deprived accountant. After accumulating a debt portfolio worthy of a Galactic Bankruptcy Museum exhibit, the company negotiated a 70% debt haircut-a feat akin to shearing a woolly mammoth while it’s mid-argument with a creditor. Emerging from Chapter 11, however, required a ritual sacrifice: replacing old stock with new, while distributing shares like cosmic confetti to creditors and shareholders in a ratio that would make a penguin blush.