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.

gt_advanced_logo

"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."

Top Rated Comments

kahkityoong Avatar
122 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.
Score: 7 Votes (Like | Disagree)
69Mustang Avatar
122 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.
Score: 4 Votes (Like | Disagree)
maflynn Avatar
122 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.
Score: 3 Votes (Like | Disagree)
Andres Cantu Avatar
122 months ago
And cue the sapphire display rumors!
Score: 2 Votes (Like | Disagree)
jamiemcd Avatar
122 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
Score: 2 Votes (Like | Disagree)
kdarling Avatar
122 months 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.
Score: 1 Votes (Like | Disagree)

Popular Stories

iphone 16 pro ghost hand

5 Reasons to Skip This Year's iPhone 17 Pro

Thursday July 10, 2025 4:54 am PDT by
Apple will launch its new iPhone 17 series in two months, and the iPhone 17 Pro models are expected to get a new design for the rear casing and the camera area. But more significant changes to the lineup are not expected until next year, when the iPhone 18 models arrive. If you're thinking of trading in your iPhone for this year's latest, consider the following features rumored to be coming...
apple tv 4k new orange

New Apple TV Expected Later This Year With These New Features

Saturday July 12, 2025 3:09 pm PDT by
A new Apple TV is expected to be released later this year, and a handful of new features and changes have been rumored for the device. Below, we recap what to expect from the next Apple TV, according to rumors. Rumors Faster Wi-Fi Support The next Apple TV will be equipped with Apple's own combined Wi-Fi and Bluetooth chip, according to Bloomberg's Mark Gurman. He said the chip supports ...
iPhone 17 Pro in Hand Feature Lowgo

iPhone 17 Pro Coming Soon With These 16 New Features

Friday July 11, 2025 12:40 pm PDT by
Apple's next-generation iPhone 17 Pro and iPhone 17 Pro Max are only two months away, and there are plenty of rumors about the devices. Below, we recap key changes rumored for the iPhone 17 Pro models. Latest Rumors These rumors surfaced in June and July:A redesigned Dynamic Island: It has been rumored that all iPhone 17 models will have a redesigned Dynamic Island interface — it might ...
macbook pro blue green

M5 MacBook Pro No Longer Coming in 2025

Thursday July 10, 2025 12:38 pm PDT by
Apple does not plan to refresh any Macs with updated M5 chips in 2025, according to Bloomberg's Mark Gurman. Updated MacBook Air and MacBook Pro models are now planned for the first half of 2026. Gurman previously said that Apple would debut the M5 MacBook Pro models in late 2025, but his newest report suggests that Apple is "considering" pushing them back to 2026. Apple is now said to be...
iphone 16 pro pro max

iPhone 17 Pro Models With BOE Displays Will Be Sold in China Only

Thursday July 10, 2025 11:59 pm PDT by
iPhone 17 Pro and iPhone 17 Pro Max models with displays made by BOE will be sold exclusively in China, according to a new report. Last week, it emerged that Chinese display manufacturer BOE was aggressively ramping up its OLED production capacity for future iPhone models as part of a plan to recapture a major role in Apple's supply chain. Now, tech news aggregator Jukan Choi reports...
Apple Watch Ultra 2 Complications

Apple Watch Ultra 3: What to Expect

Sunday July 13, 2025 10:30 am PDT by
The long wait for an Apple Watch Ultra 3 is nearly over, and a handful of new features and changes have been rumored for the device. Below, we recap what to expect from the Apple Watch Ultra 3:Satellite connectivity for sending and receiving text messages when Wi-Fi and cellular coverage is unavailable 5G support, up from LTE on the Apple Watch Ultra 2 Likely a wide-angle OLED display that ...
apple wallet drivers license feature iPhone 15 pro

Apple Says iPhone Driver's Licenses Will Expand to These 8 U.S. States

Tuesday July 8, 2025 11:26 am PDT by
In select U.S. states, residents can add their driver's license or state ID to the Wallet app on the iPhone and Apple Watch, providing a convenient and contactless way to display proof of identity or age at select airports and businesses, and in select apps. Unfortunately, this feature continues to roll out very slowly since it was announced in 2021, with only nine U.S. states, Puerto Rico,...
iPhone 17 Air Colors Thumb 2

iPhone 17 and iPhone 17 Air Rumored to Come in These 9 Colors

Friday July 11, 2025 12:30 am PDT by
The iPhone 17 and iPhone 17 Air will be available in a total of nine color options, according to new information coming out of Asia. The iPhone 17 Air's expected color options. According to the leaker going by the account name "yeux1122" on the Korean blog Naver, accessory manufacturers are now producing camera protector rings for the iPhone 17 and iPhone 17 Air in colors to match their...