Apple's Former Sapphire Partner GT Advanced Technologies Emerges From Bankruptcy

After filing for bankruptcy in 2014, and subsequently dissolving its supplier partnership with Apple, GT Advanced Technologies today announced its return from Chapter 11 "as a newly reorganized company." A group of unnamed financial sponsors have invested $80 million to assist in GT's emergence back into the market.

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"Our emergence from Chapter 11 marks the start of a new chapter for our company," said David Keck, GTAT's President and Chief Executive Officer. "Through this process, we have resolved the issues which led to our decision to seek bankruptcy court protection. With our strengthened financial flexibility, we will focus on our industry leading capabilities in the solar and sapphire markets."
Before its Chapter 11 filing, GT was Apple's Arizona-based partner in sapphire production on the iPhone. In the weeks after the filing, Chief Operating Officer of GT Advanced, Daniel Squiller, blamed its rocky partnership with Apple as the main reason behind its bankruptcy. In an officially filed affidavit, Squiller described Apple's unquestionable control over GT's sapphire production -- and a legal contract which favored Apple -- as the culprit behind the manufacturer's inability to meet Apple's production targets, and eventual bankruptcy.

After a few more reports in late 2014, centering around what Squiller claimed was Apple's brusque response to GT's indecision over signing a contract with the Cupertino company, not much else was heard regarding GT Advanced before today. On the Apple side of things, in 2015 the company confirmed plans to take over GT's former home in Mesa, Arizona to act as a "command center" for its global data network.

In an official statement, GT Advanced thanked its customers and employees during the long restructuring process and says it looks forward to the future. "We believe GTAT is well positioned for the future," Keck said. "And we are excited about our market opportunities."



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7 months ago

But not from Apple, I doubt GT Advanced Technologies will be willing to do business with Apple.


I think it's the other way around.
Rating: 7 Votes
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7 months ago
We emerged from bankruptcy!!!

/looks for new sucker

Keck: "Hey Daniel, you got a number for Samsung?"

Squiller: <tents fingers> "Heh heh. Great minds, David. Great minds.
Rating: 4 Votes
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7 months ago

And cue the sapphire display rumors!

But not from Apple, I doubt GT Advanced Technologies will be willing to do business with Apple.
Rating: 3 Votes
Avatar
7 months ago
GT Advanced emerges from bankruptcy but nothing for the common stock holders. Glad I sold a month prior to Apple's announcement.

http://www.forbes.com/sites/chuckjones/2016/03/17/gtatqs-stock-is-about-to-become-worthless/#c268eac6cb56
Rating: 2 Votes
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7 months ago
And cue the sapphire display rumors!
Rating: 2 Votes
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27 weeks ago
biggest investment mistake i ever made. you can fool me once... not twice.
Rating: 1 Votes
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27 weeks ago

Never gonna happen,but still waiting for the day of an iPhone with a liquid metal body and saffire screen.

What everybody is thinking what would happen:
Liquid metal body and saffire screen

What's really happening
Liquid metal sim-tool and saffire camera lens
Rating: 1 Votes
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27 weeks ago
Never gonna happen,but still waiting for the day of an iPhone with a liquid metal body and saffire screen.
Rating: 1 Votes
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27 weeks ago
Be firm and refuse outside interruptions instead of being polite and letting your non-expert customer send reps to constantly make changes or suggestions.

Most importantly of all, don't sign an exclusivity agreement with a company that is not required to buy anything from you.
Rating: 1 Votes
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27 weeks ago

Never gonna happen,but still waiting for the day of an iPhone with a liquid metal body and saffire screen.


If you're dying for such a phone, only not iOS based...

Prior to when Apple bought exclusive access to Liquid Metal in 2010, Vertu made luxury phones with LM and sapphire. Only $10,000+ new. Much cheaper used :)

(Vertu uses titanium now instead of LM.)
Rating: 1 Votes
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