Wolfspeed Inc. shares collapsed by nearly 68% on Wednesday, reflecting deepening investor alarm over the chip supplier’s financial health and imminent

Wolfspeed ( WOLF -61.34%) was trading around $0.97 per share at 10 a.m. Wednesday. Shares had dropped 69% from Tuesday's close after a Wall Street Journal report Tuesday evening that the company is considering filing a "prepackaged" Chapter 11 bankruptcy plan. Shares of the semiconductor company are down roughly 96% over the past year.

On Wolfspeed’s WOLF earnings call after the bell Thursday, the company said it is focused on improving its finances, and has “engaged external experts to continue to identify additional cost-saving measures” in addition to current efforts, including cutting 30% of its senior leadership team.

Wolfspeed faces steep losses, rising debt, and restructuring challenges amid stalled revenue growth and no Q4 guidance. Learn why WOLF stock is a hold.

The asset manager ranks high in the chip maker’s $6.5 billion debt stack.

Apollo Global Management, one of the biggest creditors to Wolfspeed, is in talks with investment bank Moelis about a restructuring, The Wall Street Journal reported Tuesday. Goldman Sachs ...

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"We appreciate his commitment to staying on to support our efforts to strengthen the ... and potential increases to its restructuring costs; Wolfspeed’s ability to obtain additional funding ...