Wolfspeed said on Monday it has filed for Chapter 11 bankruptcy protection, as the chipmaker grapples with huge debt amid slowing demand from electric vehicle and industrial markets.

Durham chipmaker Wolfspeed filed for Chapter 11 bankruptcy protection Monday — part of a previously announced plan to cut debt and position itself for long-term growth. The company, which has been working to cut costs amid softer demand for semiconductors and uncertainty over expected federal funding,