GT Advanced is laying off 40% of its workforce as it negotiates the terms of a $95 million bankruptcy restructuring plan, according to The Wall Street Journal. The cuts will enable the former Apple supplier to save $20 million per year as it looks to emerge from Chapter 11 bankruptcy in the United States.

gt_advanced_logo
The report claims GT Advanced had about 1,000 employees when it filed for bankruptcy last October after its sapphire crystal deal with Apple fell through. The company already laid off some 700 workers at a Mesa, Arizona manufacturing facility that Apple plans to repurpose as a $2 billion global data center.

GT Advanced is reportedly committed to shifting its focus back to manufacturing industrial and solar equipment.

A group of GT Advanced bondholders put up $95 million to fund the company’s bankruptcy restructuring. The company is using the cash to fund a revised plan that calls for the ex-Apple supplier to return to its roots of making industrial and solar equipment.

While sapphire crystal rumors were widespread last year, Apple ultimately used ion-strengthened glass on the iPhone 6 and iPhone 6 Plus.

Top Rated Comments

2457282 Avatar
112 months ago
Wasn't part of the deal that the equipment and sapphire be sold to payback Apple for some of its loans? Not sure whatever happened to that -- not that apple is hurting for the cash, just wondering if they paid apple or if that went to the wind with the bankruptcy.
Score: 2 Votes (Like | Disagree)
bbeagle Avatar
112 months ago
I thought most of the employees were already gone.
It's mostly just the executives who are left to take the remainder of the money. It's the American Way. sigh.
Score: 1 Votes (Like | Disagree)
ArtOfWarfare Avatar
112 months ago
So they've gone from 1000 pre-Apple Employees -> 300 now -> 180 shortly?
Score: 1 Votes (Like | Disagree)
2010mini Avatar
112 months ago
This company is still around?
Score: 1 Votes (Like | Disagree)

Popular Stories

iPhone 16 Camera Lozenge 2 Perspective Gray

Five Key Upgrades Coming to iPhone 16

Friday March 15, 2024 1:45 pm PDT by
The iPhone is Apple's top-selling product, and it gets an update every year. In 2024, we're expecting the iPhone 16 and iPhone 16 Pro lineup, with an arguably more interesting feature set than we got with the iPhone 15 and iPhone 15 Pro. Subscribe to the MacRumors YouTube channel for more videos. Capture Button All four iPhone 16 models are set to get a whole new button, which will be...
When To Expect New iPads Feature 1

Apple to Announce New iPads on March 26, Rumors Claim

Monday March 18, 2024 4:02 am PDT by
Apple is widely expected to release new iPad Air and OLED iPad Pro models in the next few weeks. According to new rumors coming out of Asia, the company will announce its new iPads on Tuesday, March 26. Chinese leaker Instant Digital on Weibo this morning 日发布%23">claimed that the date will see some sort of announcement from Apple related to new iPads, but stopped short of calling it an...
airpods 3 orange

Two New AirPods 4 Models Expected to Launch in September or October

Sunday March 17, 2024 7:56 am PDT by
Apple suppliers will begin production of two new fourth-generation AirPods models in May, according to Bloomberg's Mark Gurman. Based on this production timeframe, he expects the headphones to be released in September or October. Gurman expects both fourth-generation AirPods models to feature a new design with better fit, improved sound quality, and an updated charging case with a USB-C...
iphone se 4 modified flag edges

iPhone SE 4 Expected to Depreciate Heavily

Tuesday March 12, 2024 9:04 am PDT by
Resale value trends suggest the iPhone SE 4 may not hold its value as well as Apple's flagship models, according to SellCell. According to the report, Apple's iPhone SE models have historically depreciated much more rapidly than the company's more premium offerings. The third-generation iPhone SE, which launched in March 2022, experienced a significant drop in resale value, losing 42.6%...
iOS 17 Passkey With Apple ACCOUNT Feature

'Apple ID' Expected to Change to 'Apple Account' Starting With iOS 18

Sunday March 17, 2024 7:13 am PDT by
MacRumors was first to report that Apple was planning to rebrand "Apple ID" to "Apple Account" across its software platforms and websites like iCloud.com as early as this year, and now Bloomberg's Mark Gurman has corroborated this change. A mockup of the new Apple Account branding In his Power On newsletter today, Gurman said the new "Apple Account" branding will start to be used later this...
General iOS 17 Feature Orange Purple

iOS 17.4.1 Update for iPhone is Imminent

Monday March 18, 2024 5:27 am PDT by
iOS 17.4.1 and iPadOS 17.4.1 should be released within the next few days, with a build number of 21E235, according to a source with a proven track record. MacRumors previously reported that Apple was internally testing iOS 17.4.1. As a minor update for the iPhone, it will likely address software bugs and/or security vulnerabilities. It is unclear if the update will include any other changes. ...
M3 iPad Feature 3

New iPads Likely to Begin Shipping in April

Monday March 18, 2024 9:52 am PDT by
Apple's new iPad Pro models with OLED displays will likely begin shipping to customers in April, according to information shared today by Ross Young, CEO of display industry research firm Display Supply Chain Consultants. Bloomberg's Mark Gurman also said the new iPad Pro models might not ship until "deeper" into April in his Power On newsletter on Sunday:I've repeatedly said that new...