GT Advanced Stories August 31, 2015

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Former Apple sapphire supplier GT Advanced to cut 40% of workforce as restructuring continues

Nearly a year ago, Apple’s sapphire supplier GT Advanced Tech announced that it was filing for bankruptcy under Chapter 11, with the company parting ways with Apple as part of the restructuring. Today, The Wall Street Journal reports that GT Advanced Tech will be reducing its workforce by another 40 percent in an effort to further cut costs.

GT Advanced Stories February 2, 2015

Following the October surprise bankruptcy filed by GT Advanced Technologies—a key sapphire supplier for the iPhone—Apple today announced plans to invest $2 billion over the next 30 years in the failed plant. The Mesa, Arizona-located plant will become the central command center for its various data centers around the globe.

“We’re proud to continue investing in the U.S. with a new data center in Arizona, which will serve as a command center for our global networks,” Kristin Huguet, a spokeswoman for Cupertino, California-based Apple, wrote in an e-mailed statement on Monday. “This multibillion-dollar project is one of the largest investments we’ve ever made.”

Shortly after the bankruptcy announcement from GT Advanced Technologies, Apple described the decision as surprising while adding that the company would focus on job preservation. expand full story

GT Advanced Stories December 15, 2014

New settlement in GT Advanced bankruptcy case gives supplier more time to sell equipment

The Wall Street Journal reported today that Apple and GT Advanced Technologies have reached a settlement in their ongoing bankruptcy case. The settlement, which was approved by the courts earlier today, gives the sapphire supplier up to four years to sell its current stock of sapphire production equipment in order to repay Apple.

The two companies previously went head-to-head over who should be considered responsible for the complete failure of the partnership, with GT blaming Apple for making demands the company couldn’t meet while blocking any other contracts GT may have wanted to accept. Apple, on the other hand, blames GT for accepting a contract and then failing to provide the agreed-upon product.

GT Advanced Stories November 25, 2014

As Apple and would-be sapphire supplier GT Advanced Technologies come closer to a settlement following the latter’s recent bankruptcy announcement, GT’s creditors will get to take a look under the wraps of the secretive Cupertino tech giant.

As noted earlier today by the Wall Street Journal, Apple will provide GT’s creditors with documents regarding the companies’ arrangement in response to inquiries attempting to determine whether the proposed settlement is fair, or whether Apple is trying to take advantage of the situation.

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GT Advanced Stories November 19, 2014

The Wall Street Journal has revealed key details of the failed deal between Apple and sapphire supplier GT Advanced Technologies that show why the agreement collapsed and how GT managed to run itself into bankruptcy while trying to meet Apple’s standards.

A previous report from the Journal revealed that GTAT had been unable to provide the iPhone 6 displays it had promised Apple, but now we have even more information on why that demand was so hard to meet.

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In the aftermath of GT Advanced filing for Chapter 11 bankruptcy protection, the sapphire maker reached a $439 million settlement with Apple in which the supplier will repay the iPhone maker up to $290,000 per furnace sold. GT Advanced creditors aren’t happy with the proposed settlement, however, arguing that the sapphire company may have received too little in the deal. expand full story

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