Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Monday, June 23. In today's briefing, Publishers Clearing House, the once-iconic sweepstakes company, has been acquired by the owner of Modo Casino in bankruptcy in a $7.1 million cash deal. And U.S. chipmaker Wolfspeed plans to file for chapter 11 to slash $4.6 billion in debt under a restructuring deal backed by key creditors.

Publishers Clearing House, the direct-to-consumer marketing company known for its Prize Patrol sweepstakes, found a new owner who plans to revive the classic brand that went bankrupt after government scrutiny and a changing retail landscape.

ARB Interactive, the company behind online Modo Casino, emerged as the winning bidder in a recent bankruptcy auction for the assets of Publishers Clearing House.

ARB’s offer includes $7.1 million in cash, along with the assumption of certain prizewinner liabilities and roughly $378,000 in expenses related to taking over existing contracts. ARB is also considering offering jobs to existing PCH employees. PCH had 105 employees when it filed for bankruptcy in April.

U.S. semiconductor supplier Wolfspeed signed a restructuring deal with top creditors to cut roughly $4.6 billion in debt from its balance sheet through a bankruptcy filing.

Wolfspeed, which makes its silicon carbide wafers and semiconductor components primarily in the U.S., said it signed restructuring agreements with supermajorities of its senior and convertible noteholders and would solicit approval of the terms from all its creditors.

The company said it expects to file for chapter 11 "in the near future" to carry out the restructuring and emerge from court protection by the end of the third quarter this year, subject to court approval.

Japanese chipmaker Renesas Electronics, a major customer of Wolfspeed, also agreed in the restructuring to convert a roughly $2 billion deposit into new notes and equity in the reorganized Wolfspeed. Renesas said Sunday it could take a loss of up to 250 billion yen, or roughly $1.7 billion, as a result.

Wolfspeed has been in talks to address an upcoming due date on some of its convertible notes, a requirement for the company to receive for $750 million in government funding under the 2022 Chips Act. Current shareholders are expected to retain a stake of between three and five percent in the company, it said. —Andrew Scurria

Purdue Pharma received approval for the company's disclosure statement tied to its chapter 11 reorganization plan that aims to deliver more than $7.4 billion in cash to creditors to compensate victims and abate the opioid crisis.

The company on Friday said it received approval from the U.S. Bankruptcy Court for Southern District of New York. The disclosure provides creditors with detailed information related to terms of the plan.

The disclosure will be included with ballots that will be sent to more than 600,000 claimants eligible to vote. The court set a Sept. 30 voting deadline and a confirmation hearing for November.

The reorganization plan calls for the company and its owners, the Sackler family, to make installment payments of $6.5 billion across the next 15 years, including a $1.5 billion payment on the day the plan becomes effective, the company said.

Purdue will also contribute 100% of its assets, with an expected $900 million payment available for distribution on the day of emergence.

Purdue filed for chapter 11 in 2019 after facing thousands of lawsuits alleging the company mismarketed its prescription painkiller OxyContin. Many lawsuits targeted the Sacklers, alleging they moved billions of dollars out of Purdue to thwart future legal judgments, which the family denies. —Natalie Weger

Sit-down restaurants are fighting to get more Americans into their booths after one of the toughest periods for the sector in years.

Brands such as Cracker Barrel Old Country Store and Red Lobster are spending millions of dollars to update their menus and dining rooms to recruit more customers. In the process, they are grappling with how to attract new, younger customers without alienating their most loyal diners.

Cracker Barrel, for example, is adding more lighting in restaurants, removing some decor and better organizing its trademark ephemera that covers the walls. In some cases, it is having to explain its decisions to steadfast fans.

“We have surrendered leadership on EVs, on batteries, on wind and on nuclear,” Friedmann said, adding the U.S. was also once a key player in solar energy. “In all these cases we had led significantly, and we abdicated that leadership.”

But over the past month, the Trump administration has set about rolling back Biden’s incentives, canceling grants and removing tax credits that helped to spur production across the country.

• Case in Point: One of America’s largest rooftop-solar installation businesses filed for chapter 11 Monday, a stark illustration of the strains haunting the U.S. clean-energy sector as shifting federal policies shake investor confidence.

Federal Reserve governor Christopher Waller said the central bank could be positioned to cut interest rates at its next meeting in July, notwithstanding potential inflation pressures caused by new tariffs.

In a Friday morning interview with CNBC, Waller said the Fed should “look through” one-time price increases from tariffs and instead respond to the underlying trend in inflation, which has been cooling.

Share your tips, suggestions and feedback with the WSJ Pro Bankruptcy team: Soma Biswas; Alexander Gladstone; Jodi Xu Klein; Akiko Matsuda; Andrew Scurria; Becky Yerak. 

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