Apple is objecting to GT Advanced Technologies' financing plan over concerns that it would undermine its existing settlement reached with the bankrupt sapphire crystal supplier last year, reports Re/code. GT Advanced reached a settlement with Apple in October 2014 after failing to produce sapphire crystal of the quality desired by the Cupertino-based company for potential use in future products.
GT Advanced is attempting to restructure by raising $95 million through a loan agreement under the supervision of the U.S. Bankruptcy Court for New Hampshire, but the financing plan is contingent upon the company receiving enough insurance money to repair any damage to sapphire furnaces following a fire at its former Mesa, Arizona facility a few months ago.
GT Advanced's inspection equipment damaged in Mesa facility fire last May
Apple argues that GT Advanced already determined damage at the facility to be minimal, adding that the terms of the loan agreement give lenders too much leverage to foreclose on the sapphire furnaces that GT Advanced is supposed to sell in order to repay Apple. A group of GT Advanced shareholders have also reportedly questioned why the company needs to raise money nine months into bankruptcy.
GT Advanced filed for bankruptcy last October after it became clear the company was spending over one million dollars per day to run its operations, despite being unable to produce sapphire acceptably by Apple's standards. The company began winding down its sapphire production and decommissioning the furnaces to prepare them for storage and resale through the end of last year.
Monday September 15, 2025 12:00 am PDT by Eric Slivka
Update 10:06 a.m.: iOS 26 is rolling out now, though it may take a bit for all users to see it, so keep checking!
Today's the day! Apple is about to release iOS 26, which will deliver the biggest redesign since iOS 7 and bring a range of new features and improvements to iPhones worldwide. It's Apple's biggest software update of the year, and Apple announced at last week's iPhone event that...
Sunday September 14, 2025 8:45 am PDT by Joe Rossignol
Apple's annual September event is now in the rearview mirror, with the iPhone 17, iPhone 17 Pro, iPhone 17 Pro Max, iPhone Air, Apple Watch Series 11, Apple Watch Ultra 3, Apple Watch SE 3, and AirPods Pro 3 set to launch this Friday, September 19.
As always, there is more to come. In his Power On newsletter today, Bloomberg's Mark Gurman said Apple plans to release many products in the...
Saturday September 13, 2025 10:01 am PDT by Joe Rossignol
The latest iPhone 17, iPhone 17 Pro, iPhone 17 Pro Max, and iPhone Air models are equipped with Apple's all-new N1 chip for Wi-Fi 7, Bluetooth 6, and Thread connectivity. However, the chip has a Wi-Fi 7 bandwidth limitation.
According to FCC documents reviewed by MacRumors, the N1 chip in all of the new iPhone models supports up to 160 MHz channel bandwidth for Wi-Fi 7, short of the...
Monday September 15, 2025 10:56 am PDT by Juli Clover
In the iOS 26 release notes, Apple is warning iPhone users that installing the new software might have a temporary impact on battery life, which is normal.
A new support document explains that major iOS updates require background setup like indexing data and files for search, downloading new assets, and updating apps.
Further, Apple says that new features could require more resources,...
Friday September 12, 2025 7:58 am PDT by Tim Hardwick
Apple will launch its new iPhone 17 lineup and ultra-thin iPhone Air in stores on Friday, September 19, and the company has already shown off the new devices at its fall event, which ran with the the tagline "Awe dropping."
The iPhone 17 series brings a host of new features and enhancements. Here's a rundown of the biggest upgrades and changes:
iPhone 17
Display Changes
The iPhone...
Saturday September 13, 2025 11:43 am PDT by Joe Rossignol
iPhone 17, iPhone 17 Pro, iPhone 17 Pro Max, and iPhone Air pre-orders began on Friday in the U.S. and many other countries. iPhone 17 Pro Max delivery estimates quickly slipped beyond the Friday, September 19 launch day for those who had yet to place an order, and now the rest of the new models have started to follow suit.
As of shortly after 11:30 a.m. Pacific Time today, select iPhone 17, ...
Sunday September 14, 2025 1:36 pm PDT by Joe Rossignol
T-Mobile President Jon Freier today shared real-world photos of Apple's boxes for the iPhone Air, iPhone 17 Pro, and iPhone 17 models, which launch on Friday.
Image Credit: Jon Freier
Apple has typically included iPhone box renders in its product environmental reports, but it did not do so for the latest models. However, Apple's iPhone Upgrade Program page does offer some images of the boxes, ...
Monday September 15, 2025 10:50 am PDT by Juli Clover
Apple today released updated firmware for the AirPods Pro 2 and the AirPods 4, introducing support for the new AirPods features that are included in iOS 26, iPadOS 26, and macOS Tahoe.
The firmware has a build number of 8A356, and it replaces the current 7E93 firmware.
With Apple's new software updates, the AirPods Pro 2 and the AirPods 4 support better audio quality for phone calls and...
This is such an interesting story. I really wish someone would do an in depth investigative report on it. For a could years there were so many rumor/news stories about how sapphire was going to be the best thing since sliced bread. When Apple contracted with this company the stories talked about how this was such a game change and that Samsung and other phone makers were going to be years behind the curve on sapphire.
Then seemingly over night Apple pulls its contract and GT declares bankrucy. Then stories come out about how the executives of GT dumped their stocks only weeks earlier. Then, after seemingly after all is lost, Apple announces they're going to repurpose the facilities. Now this fire.
I'm not arguing a conspiracy theory, but I feel like there have been so many interesting twists in the story that it really deserves an in depth look at what really happened here.
Apple's contract to buy GT's equipment and facilities might be null and void because of the bankruptcy filing.
Say, I have $1,000,000 in debt and I sell my 3 yachts to someone for $500,000. Then I declare bankruptcy. According to the law in the United States, I can't give up my property and then declare bankruptcy - this is fraud. The other debtors want their share of the bankruptcy estate (which the yachts were part of. Any transactions in the prior 2 years are looked into and can all be taken back.
Apples contract to buy GT's equipment is *part* of the bankruptcy. It is how Apple is going to be able to recover their investment. Trying to get a loan which uses that same equipment as collateral *after* agreeing to sell them to Apple during the bankruptcy proceedings is more than a little shady.
GT can't be trusted ... they have proven that - they are for the quick money with fishy methods, they have no respect for contracts they sign or anything they promise and blame everyone else for their own failure.
Apple's contract to buy GT's equipment and facilities might be null and void because of the bankruptcy filing.
Say, I have $1,000,000 in debt and I sell my 3 yachts to someone for $500,000. Then I declare bankruptcy. According to the law in the United States, I can't give up my property and then declare bankruptcy - this is fraud. The other debtors want their share of the bankruptcy estate (which the yachts were part of. Any transactions in the prior 2 years are looked into and can all be taken back.
