The Wall Street Journal reported Tuesday afternoon that after the company rejected several proposals by creditors to restructure its debt, Wolfspeed was looking at a plan to use Chapter 11 bankruptcy in a way that's acceptable to a majority of debtholders.

Wednesday after a report indicated that the company is preparing to file for bankruptcy in the next few weeks. The chip company is looking at a Chapter 11 plan after passing on other debt-restructuring proposals that would have taken place out of court,

Durham semiconductor maker Wolfspeed could be on the verge of filing for bankruptcy, according to reports. Why it matters: A Wall Street Journal report said Wolfspeed could file for Chapter 11 bankruptcy in the coming weeks because of its high debt load.