(Reuters) -Semiconductor supplier Wolfspeed is preparing to file for bankruptcy within weeks, as it struggles to address its debt pile, the Wall Street Journal reported on Tuesday, citing sources familiar with the matter.

Key Takeaways Wolfspeed reportedly is considering filing for bankruptcy within weeks as it struggles with mounting debt.The Wall Street Journal noted that the silicone carbide chipmaker has turned down several plans by creditors to restructure its debt.

Shares of Wolfspeed Inc. slid almost 60% on Wednesday after a report indicated that the company is preparing to file for bankruptcy in the next few weeks.