Renesas to Post 250-B.-Yen Loss
Tokyo, June 23 (Jiji Press)--Renesas Electronics Corp. said Monday the Japanese semiconductor giant will log about 250 billion yen in loss for January-June stemming from its U.S. partner's business failure.
In July 2023, Renesas struck a 10-year deal to procure from Wolfspeed Inc. silicon carbide wafers for power semiconductors and provided the U.S. chipmaker with a deposit of over 2 billion dollars.
But faced with deteriorating financial health due to a gloomy market outlook for power chips, used in electric vehicles, among others, Wolfspeed is expected to file for Chapter 11 bankruptcy in the near future.
Ahead of the envisaged filing for the court proceedings for corporate rehabilitation, Renesas agreed to take steps to help restructure the U.S. peer, including the conversion of the deposits into convertible notes, common stock and warrants issued by Wolfspeed.
Those assistance measures will be implemented by September if they obtain court approval.
(2025/06/23-15:44)
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