Chipmaker Wolfspeed’s shares surged 38% to $1.7 after a U.S. court confirmed its Chapter 11 reorganization plan. The company expects to reduce debt by 70% ($4.6 billion) and cut annual cash interest payments by 60%. Wolfspeed specializes in silicon carbide chips for energy-efficient applications like electric vehicles and solar inverters. Approval by the U.S. Bankruptcy Court for the Southern District of Texas paves the way for Wolfspeed to exit bankruptcy protection in the next few weeks. Wolfspeed filed for Chapter 11 bankruptcy protection in June, after raising going concern doubts. CEO Robert Feurle expressed optimism about completing the restructuring process soon.

Read more at Yahoo Finance: Wolfspeed’s shares surge as US bankruptcy court approves restructuring plan