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.