v3.26.1
Long-term Debt (Tables)
 9 Months Ended
Mar. 29, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
As of June 29, 2025 (Predecessor):

(in millions of U.S. Dollars)Maturity DateEffective Interest RateInitial PrincipalRepayment of principalConversion to common stockOutstanding principalUnamortized premium/discountEnding BalanceEquity componentFair ValueFair value level
1.75% Convertible Notes
5/1/20262.2 %$575.0 $— $— $575.0 ($2.0)$573.0 $— $145.2 Level 2
0.25% Convertible Notes
2/15/20280.6 %750.0 — — 750.0 (7.9)$742.1 — 186.6 Level 2
1.875% Convertible Notes
12/1/20292.1 %1,750.0 — — 1,750.0 (20.7)$1,729.3 — 450.6 Level 2
2030 Senior Notes6/23/203016.3 %1,250.0 — — 1,521.2 (52.3)$1,468.9 — 1,308.2 Level 2
CRD Agreement Deposits7/5/20336.8 %2,000.0 — — 2,062.0 (37.3)$2,024.7 — 556.7 Level 3
$6,325.0 $— $— $6,658.2 ($120.2)$6,538.0 $— $2,647.3 
As of March 29, 2026 (Successor)

(in millions of U.S. Dollars)
Maturity Date(1)
Effective Interest RateInitial Principal
Repayment of principal(2)
Conversion to common stock(3)
Outstanding principalUnamortized premium/discountEnding BalanceEquity componentFair ValueFair value level
New Senior Secured Notes6/23/203012.9%$1,259.2 ($629.7)$— $629.5 $58.9 $688.4 $— $681.4 Level 2
New 2L Non-Convertible Notes6/15/203112.5%296.4 — — $296.4 (62.6)$233.8 — 234.2 Level 2
New 2L Non-Renesas Convertible Notes(4)
6/15/20313.0%331.4 — (18.5)$312.9 (6.9)$306.0 159.4 489.4 Level 2
New 2L Renesas Convertible Notes(5)
6/15/203112.3%203.6 — — $203.6 (76.7)$126.9 87.9 198.6Level 3
1.5L Convertible Notes3/15/20314.3 %379.0 — — $379.0 (13.6)$365.4 — 379.0Level 2
$2,469.6 ($629.7)($18.5)$1,821.4 ($100.9)$1,720.5 $247.3 $1,982.6 
(1)Each instrument is as defined in the Plan.
(2)On December 22, 2025, the Company repurchased $175.0 million of aggregate principal of the New Senior Secured Notes, plus accrued and unpaid interest at a purchase price of $197.9 million. On December 23, 2025, $10.2 million of Paid-in-Kind ("PIK") Interest was incurred and recorded to the outstanding
New Senior Secured Notes principal amount. On March 23, 2026, $10.9 million of PIK interest was incurred and recorded to the outstanding New Senior Secured Notes principal amount. On March 26, 2026, the Company used all of the aggregate gross proceeds from the 1.5L Convertible Notes (as defined below) and the Securities Purchase Agreement (as defined below) (refer to Note 16 - "Stockholders' Equity and Pre-Funded Warrants" for additional information) to redeem $475.9 million of the outstanding New Senior Secured Notes at a purchase price of $524.3 million.
(3)On September 29, 2025, the Company issued the New 2L Non-Renesas Convertible Notes and New 2L Renesas Convertible Notes. The notes bear interest at 2.5% per annum on the outstanding principal, are secured, and are convertible into shares of common stock at a conversion price of $12.23 and $18.35 per share, respectively. As of March 29, 2026, $18.5 million of New 2L Non-Renesas Convertible Notes were converted into 1.5 million shares of common stock.
(4)ASC Topic 470: Debt (“ASC 470”) presumes that when a convertible debt instrument is issued at a substantial premium compared to the principal amount, the premium should be recognized in equity as paid-in-capital. The excess of the initial carrying amount over par of $168.8 million was recorded to additional paid-in-capital. Approximately 5.6% of the equity component is not related to the outstanding convertible notes due to conversions during the period from September 30, 2025 to March 29, 2026.
(5)During the three months ended March 29, 2026, the Company reclassified the derivative liability to equity of $87.9 million (refer to Note 9 - "Fair Value of Financial Instruments" for additional information).
Schedule of Interest Expense
SuccessorPredecessor
(in millions of U.S. Dollars)Three months ended March 29, 2026Three months ended March 30, 2025
Interest expense, net
$46.4 $70.2 
Amortization of premium, discount and debt issuance costs, net of capitalized interest4.9 14.5 
Interest expense, other0.8 0.7 
Total interest expense, net$52.1 $85.4 
SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Interest expense, net(1)
$98.2 $— $193.6 
Amortization of premium, discount and debt issuance costs, net of capitalized interest10.4 — 34.5 
Interest expense, other1.5 0.7 2.3 
Total interest expense, net$110.1 $0.7 $230.4 
(1): Excludes contractual interest of $99.7 million for the period from June 30, 2025 to September 29, 2025.