Apple Sapphire Partner Files for Bankruptcy
GT Advanced Technologies, a partner with Apple in a sapphire glass plant in Arizona, said it had filed for voluntary bankruptcy protection.
Last year, Apple entered into a multi-year supply agreement with Apple with GT Advanced Technologies to provide sapphire materials for Apple's devices.
However, GT Advanced Technologies suffered a setback last month when its scratch-resistant sapphire glass was left out of Apple's new large-screen iPhones.
Obviously, sommething went realy wrong in the relationship between Apple and GT Advanced.
GT Advanced said it had $85 million of cash as of Sept. 29. It listed assets and liabilities in excess of $1 billion in its Chapter 11 petition.
GT Advanced said it expected the U.S. bankruptcy court in the District of New Hampshire to authorize it to continue to conduct business as usual while it reorganized.
However, GT Advanced Technologies suffered a setback last month when its scratch-resistant sapphire glass was left out of Apple's new large-screen iPhones.
Obviously, sommething went realy wrong in the relationship between Apple and GT Advanced.
GT Advanced said it had $85 million of cash as of Sept. 29. It listed assets and liabilities in excess of $1 billion in its Chapter 11 petition.
GT Advanced said it expected the U.S. bankruptcy court in the District of New Hampshire to authorize it to continue to conduct business as usual while it reorganized.
