{"id":2517642,"date":"2025-12-04T17:40:01","date_gmt":"2025-12-04T22:40:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wolfspeed-emerges-from-bankruptcy-receives-698-6m-from-irs\/"},"modified":"2025-12-04T17:43:09","modified_gmt":"2025-12-04T22:43:09","slug":"wolfspeed-emerges-from-bankruptcy-receives-698-6m-from-irs","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wolfspeed-emerges-from-bankruptcy-receives-698-6m-from-irs\/","title":{"rendered":"Wolfspeed emerges from bankruptcy, receives $698.6M from IRS"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwolfspeed-emerges-from-bankruptcy-receives-698-6m-from-irs%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2517642&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Wolfspeed, a <a href=\"https:\/\/amzn.to\/3YuVZYV\" ><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stmicroelectronics-wins-european-commission-backing-for-italy-plant\/\" title=\"STMicroelectronics wins European Commission backing for Italy plant\">silicon carbide<\/a> power solutions company based<\/a> in North Carolina, has successfully emerged from Chapter 11 bankruptcy, bolstered by a $698.6 million cash tax refund from the IRS. This funding was provided through the Advanced Manufacturing Investment Credit, with $186.5 million received in fiscal 2025 for tax filings from fiscal years 2023 and 2024.The company is strategically expanding its revenue streams into AI data centers, aerospace, defense, industrial, energy sectors, and continues to support the electric vehicle market.<\/p>\n<p>Previously, Wolfspeed had a $750 million memorandum of understanding from the prior presidential administration aimed at supporting the construction of a new <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/three-quarters-of-1b-headed-to-north-carolina-manufacturer-washington-examiner\/\" title=\"Three-quarters of B headed to ... manufacturer - Washington Examiner\">silicon carbide wafer manufacturing facility<\/a> domestically. Leadership changes include the firing of former CEO Gregg Lowe and the appointments of Robert Feurle as CEO and David Emerson as COO in 2024. despite not receiving loans or bailouts, the company has obtained $1.4 billion in local and state awards and $119 million in federal grants and tax credits as 2004.<\/p>\n<p>However, Wolfspeed faces workforce reductions, with significant layoffs announced earlier in 2025 affecting about a third of its Chatham County factory workforce and previous cuts at its Durham headquarters. The recent financial infusion is seen as critical to strengthening the company&#8217;s liquidity and supporting its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-to-leapfrog-u-s-as-worlds-biggest-economy-by-2028-think-tank\/\" title=\"China to leapfrog U.S. as world\u2019s biggest economy by 2028 \u2013 think tank\">long-term growth<\/a> and innovation in the silicon carbide industry.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Wolfspeed emerges from bankruptcy, receives $698.6M from IRS<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_2423807\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>(The Center Square) &ndash; Wolfspeed, the silicon carbide power solutions company headquartered in <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/north-carolina\/\">North Carolina<\/a>, once in line for three-quarters of $1 billion from the <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/biden-administration\/\">Biden administration<\/a>, has emerged from Chapter 11 bankruptcy strengthened by $698.6 million in cash tax refunds from the <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/irs\/\">IRS<\/a>.<\/p>\n<p>The money comes through the Advanced Manufacturing Investment Credit under Section 48D of the Internal Revenue Code, the company said this week. In fiscal year 2025, Wolfspeed received $186.5 million in cash tax refunds tied to federal tax filings for fiscal 2023 and fiscal 2024.<\/p>\n<div class=\"recommended-stories\">\n<h2>Recommended Stories<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/business\/3907796\/warner-bros-discovery-paramount-bidding-war\/\">Warner Bros. Discovery bidding war heats up as media titans battle for company takeover<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/business\/3906211\/delta-air-lines-lost-200-million-dollars-government-shutdown\/\">Delta took $200 million hit from government shutdown, CEO says<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/entertainment\/3904818\/scott-jennings-offers-apology-catherine-zeta-jones-cnn-clash\/\">Scott Jennings offers apology to Catherine Zeta-Jones after CNN clash with son<\/a><\/li>\n<\/ul>\n<\/div>\n<div class=\"article-paywall\">\n<p>Wolfspeed, headquartered in Durham, said it &ldquo;continues to focus on diversifying its power device revenue into key growing segments, including AI data centers, aerospace and defense, and industrial and energy, in addition to continuing to support the electric vehicle market.&rdquo;<\/p>\n<p>&ldquo;This substantial cash infusion further strengthens our liquidity position at a critical phase in Wolfspeed&rsquo;s strategic evolution,&rdquo; Chief Financial Officer Gregor Van Issum said. &ldquo;It provides us with the financial agility to support long-term growth, manage our capital structure responsibly, and continue driving innovation across the silicon carbide value chain for our customers.&rdquo;<\/p>\n<p>Wolfspeed, in October 2024, had a memorandum of understanding for $750 million from the previous presidential administration. The infusion was to &ldquo;support the construction of a new silicon carbide wafer manufacturing facility in Siler City, helping to secure a reliable domestic supply of the semiconductors that will underpin the future energy economy and AI boom,&rdquo; a release from the U.S. Department of Commerce said.<\/p>\n<p>CEO Gregg Lowe was fired last year in November, and&nbsp;<a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.wolfspeed.com\/company\/news-events\/news\/wolfspeed-inc-appoints-semiconductor-industry-veteran-robert-feurle-as-chief-executive-officer-and-board-member\/\">Robert Feurle took over on May 1<\/a>. On May 23, Feurle announced&nbsp;<a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.wolfspeed.com\/company\/news-events\/news\/wolfspeed-appoints-industry-veteran-dr-david-emerson-as-chief-operating-officer\/\">David Emerson&rsquo;s addition as <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/audit-michigan-may-have-paid-billions-in-fraudulent-jobless-claims-gretchen-whitmer-administration-hit-with-kickback-allegations\/\" title=\"Audit: Michigan May Have Paid Billions in &#039;Fraudulent&#039; Jobless Claims; Gretchen Whitmer Administration Hit with &#039;Kickback&#039; Allegations\">chief operating officer<\/a><\/a>.<\/p>\n<p>The CHIPS Act grant to Wolfspeed,&nbsp;the <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.thecentersquare.com\/north_carolina\/article_3e70825a-8b34-11ef-b0b8-a70eaab8dd66.html\">largest of the Biden presidency to not be awarded<\/a>, was the subject of negotiation with the Trump administration earlier this year. Major restructuring was forecast in late March if the money didn&rsquo;t come.<\/p>\n<p><strong><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/in_focus\/3897087\/how-alaska-became-central-trump-international-trade-policy\/\">HOW ALASKA BECAME CENTRAL TO TRUMP&rsquo;S INTERNATIONAL TRADE POLICY<\/a><\/strong><\/p>\n<p>Since 2004, Wolfspeed has been the recipient of 38 awards valued at $1.4 billion from local and state officials, and another $119 million from federal grants and allocated tax credits. It has not gotten loans or bailouts, according to the&nbsp;<a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/subsidytracker.goodjobsfirst.org\/parent\/wolfspeed-inc\">Good Jobs First website that tracks subsidies<\/a>.<\/p>\n<p>Layoffs are impacting the $5 billion factory in Chatham County, with&nbsp;<a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.commerce.nc.gov\/data-tools-reports\/labor-market-data-tools\/workforce-warn-reports\/report-workforce-warn-listings-2025\/open\"><strong>73 announced earlier this year<\/strong><\/a>. That&rsquo;s about one-third of the workforce. At its Durham headquarters in November last year, 20% of the workforce was trimmed, according to published reports.<\/p>\n<\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wolfspeed exits bankruptcy, gets $698.6M IRS tax refund<\/p>\n","protected":false},"author":2869,"featured_media":2517643,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/12\/AP9190309854502858.jpg?w=400","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[7740,43040,68252,68251,68250],"class_list":["post-2517642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-bankruptcy","tag-corporate-finance","tag-financial-recovery","tag-irs-settlement","tag-wolfspeed"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/12\/AP9190309854502858.jpg?w=400","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2517642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2869"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2517642"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2517642\/revisions"}],"predecessor-version":[{"id":2517646,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2517642\/revisions\/2517646"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2517643"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2517642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2517642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2517642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}