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

by

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
62 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
62 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
62 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
62 months ago
And cue the sapphire display rumors!
Score: 2 Votes (Like | Disagree)
jamiemcd Avatar
62 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
62 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)

Top Stories

apple top apps games 2020

Apple Shares Top 20 Most Downloaded Games and Apps of 2020

Tuesday December 1, 2020 9:38 pm PST by
Alongside picks for the top iPhone, iPad, and Mac apps and games of the year, Apple today shared charts featuring the Top Games of 2020 and the Top Apps of 2020, revealing the most popular free and paid apps and games during the year. Among Us! was the top free game of 2020, followed by Call of Duty: Mobile, Roblox, and Subway Surfers. Ink Inc. Tattoo Drawing was the number four free app,...
m1 chip macbook air pro

Developer Delves Into Reasons Why Apple's M1 Chip is So Fast

Monday November 30, 2020 1:57 pm PST by
Apple's M1 chip is the fastest chip that Apple has ever released in a Mac based on single-core CPU benchmark scores, and it beats out many high-end Intel Macs when it comes to multi-core performance. Developer Erik Engheim recently shared a deep dive into the M1 chip, exploring the reasons why Apple's new processor is so much faster than the Intel chips that it replaces. First and foremost,...
maxresdefault

Italy Fines Apple $12 Million for Misleading iPhone Water Resistance Claims

Monday November 30, 2020 3:10 am PST by
Apple has been slapped with a 10 million euro ($12 million) fine by Italy's antitrust watchdog for unfair commercial practices related to its iPhone marketing in the country. One of the Apple ads cited in the Italian watchdog's proceedings (credit: setteBIT) Specifically, Apple is being charged for misleading claims in promotional messages about how deep and how long iPhones can be submerged...
General cyber monday 20 sale feature

Apple Cyber Monday 2020: Discounts on iPads, Macs, AirPods, and More [Updated]

Monday November 30, 2020 6:25 am PST by
Today is Cyber Monday, a shopping event that sees many of the same deals from Black Friday bleed over into a new week, along with a few brand new offers on everything from Apple products to related accessories. In this post we'll highlight the best online discounts that you can find on Apple devices today. Note: MacRumors is an affiliate partner with some of these vendors. When you click a...
16 inch MBP Mini Led

Mini-LED M1 MacBook Pro and Mini-LED iPad Pro Models Coming First Half of 2021

Monday November 30, 2020 2:24 am PST by
Apple is widely reported to be embracing mini-LED display backlighting technology for some products next year, and a new report today by DigiTimes has named several of Apple's partners in the supply chain that are expected to benefit from the switch. According to the report, Apple is set to launch its first mini-LED iPad Pro in the first quarter of 2021 and mass produce mini-LED MacBook Pro...
iphone8guide b

iOS 14.2 Quietly Added FaceTime 1080p Support to iPhone 8 and Later Models

Wednesday December 2, 2020 3:21 am PST by
Back in early November, Apple released iOS 14.2 and announced with it a slew of new features for iPhones, but one thing it didn't mention was the apparent addition of support for 1080p FaceTime calls on iPhone 8 and later devices. The little-known fact was discovered by MacMagazine, which found that Apple quietly updated the specs pages for devices like iPhone XR shortly after the release of ...
Mac Mini 2018

Apple Developers Now Able to Natively Run macOS Within AWS With Amazon EC2 Mac Instances

Monday November 30, 2020 9:01 pm PST by
As AWS re:Invent kicks off, Amazon Web Services today announced new Mac instances for Amazon Elastic Compute Cloud, allowing AWS customers to run on-demand macOS workloads in the AWS cloud for the first time. Amazon says that the new feature extends the flexibility, scalability, and cost benefits of AWS to all Apple developers as those creating apps for iPhone, iPad, Mac, Apple Watch, Apple...
best apps of 2020

Wakeout! Named Apple's Best App of 2020, While Zoom Earns the Title for Best iPad App

Tuesday December 1, 2020 9:26 pm PST by
Apple today shared its App Store Best of 2020 winners, highlighting its picks for the top iOS, iPadOS, and macOS apps and games released over the course of the year. Apple's iPhone App of the Year award went to Wakeout!, which is a family friendly exercise and movement app that encourages people to complete easy exercises while at home. Apple's iPad App of the Year was Zoom, which soared in...
magsafe duo charger

MagSafe Duo Charger for iPhone 12 and Apple Watch Now Available for Purchase

Tuesday December 1, 2020 4:15 pm PST by
Apple today began selling the MagSafe Duo Charger that was announced alongside the new iPhone 12 models back in October. Priced at $129, the MagSafe Duo offers a MagSafe charging puck for the iPhone 12, 12 Pro, 12 Pro Max, and 12 mini, along with an Apple Watch charger. Though the accessory was announced in October and was listed as coming soon, it was not clear when it would launch. Orders...
imac 5k 2014 video

Apple Adds First iMac Models With Retina 5K Display to Vintage Products List

Tuesday December 1, 2020 8:09 am PST by
The first iMac with a Retina 5K display is one of several iMac models that have been added to Apple's vintage products list this week. In the past, vintage Apple products were no longer eligible for repairs at the Genius Bar or at Apple Authorized Service Providers, but Apple began offering extended repairs of select vintage products in 2018. Many of the iMac models listed below will likely...