05:35 AM EDT, 07/01/2025 (MT Newswires) -- Wolfspeed ( WOLF ) said late Monday it has taken the next step to implement its previously announced restructuring support agreement with key lenders, including holders of over 97% of its senior secured notes, Renesas Electronics' US subsidiary and convertible debtholders owning more than 67% of the convertible notes.

The company said this step will enable it to reduce its total debt by about 70% or roughly $4.6 billion. This will also lower its annual cash interest payments by around 60%, the company added.

Wolfspeed ( WOLF ) aims to complete this restructuring by the end of Q3 2025.