A bankruptcy exit, a lighter debt load, and a fresh equity structure sent the shares flying. Shares of Wolfspeed (WOLF 32.08%) ripped higher today after the silicon carbide power-chip maker completed its court-supervised restructuring and emerged from Chapter 11 protection. Bankruptcy exit resets the balance sheetManagement indicated the restructuring reduced total debt materially and cut annual cash interest expense while extending maturities. Specifically, the company's total debt has been reduced by 70%, and maturities have been extended to 2023. Additionally, the emergence from bankruptcy canceled legacy common stock and issued new shares -- largely to creditors -- resulting in a smaller public float.