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Apple Objects to GT Advanced's Financing Plan Following Mesa Fire
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.
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.
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.
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47 months ago
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.
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.
47 months ago
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.
47 months ago
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.
47 months ago
If these guys spent as much time and effort cooking sapphire as they do trying to cook their books they'd be doing great.
47 months ago
When I first saw this headline, I thought the business owners of that company started the fire to collect the insurance money.
47 months ago
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.
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.
47 months ago
This is such an interesting story. I really wish someone would do an in depth investigative report on it.
Almost as interesting as the "We cracked it" TV stories, and the Apple Car factory stories, and the...Of course none of this was intended to manipulate gullible press whores or feed the buzz machine that keeps the AAPL share price levitated, no that's just conspiracy talk.
47 months ago
I wonder if Apple is on this somehow
Not a chance. Surely Apple knows they're incredibly high-profile, and any downright criminal action on their part would have devastating consequences. I know it's popular to attribute violent malice to the very rich (individuals or corporations), but such memes are absurd as there's too much to lose over too little gain, even if that gain is huge by mundane standards. Apple just wanted a leading-edge sapphire factory, and is just trying to make the best of a failed situation thru normal hard bargaining.
47 months ago
In project management there is a simple formula: quality = resources x time. If you want certain quality you need certain resources and certain amount of time. These people offered a quality, signed a contract to have it delivered at certain time but they didn't have the resources ready. In the world there are people who knows how to sell themselves very well and they are equally talented in making up excuses and pointing fingers when they do not deliver.
I knew this company was not able to deliver once I saw the smile of the owners after signing with Apple, there is this particular facial expression in people who are liars and are there for the money. Apple has been too kind with these people.
I knew this company was not able to deliver once I saw the smile of the owners after signing with Apple, there is this particular facial expression in people who are liars and are there for the money. Apple has been too kind with these people.
47 months ago
smh this company... I can't even believe how shady they are and how poor of decisions they seem to make.
It's even harder to believe that Apple went for it hook, line and sinker.
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