“Apple Inc said on Wednesday it was surprised by supplier GT Advanced Technologies Inc’s bankruptcy filing this week, and is now considering its next steps,” Noel Randewich reports for Reuters.
“In the iPhone maker’s first public response, it said it was working with Arizona officials on its next moves,” Randewich reports. “‘We are focused on preserving jobs in Arizona following GT’s surprising decision and we will continue to work with state and local officials as we consider our next steps,’ spokesman Chris Gaither said.”
“GT’s first Chapter 11 bankruptcy court hearing is set for Thursday. The New Hampshire-based company has said it will then explain what led to Monday’s surprise bankruptcy filing that wiped out 90 percent of the sapphire supplier’s market value,” Randewich reports. “Shares of GT were up 30 percent at $1.57 on Wednesday morning. On Monday morning, the shares opened at $11.06.”
Read more in the full article here.
Shattered sapphire dreams at GT Advanced – October 8, 2014
Apple’s withholding of $139 million payment led to GT Advanced bankruptcy filing – October 7, 2014
GT Advanced CEO sold 9,000 shares the day before Apple’s iPhone 6/Plus event – October 7, 2014
Law firms launch investigations into possible violations of federal securities laws by GT Advanced – October 7, 2014
Analyst: Apple may take possession of sapphire furnaces from GT Advanced – October 7, 2014
Apple to provide debtor in possession financing to GT Advanced? – October 7, 2014
Investors stunned over GT Advanced bankruptcy filing – October 7, 2014
GT Advanced files for chapter 11 bankruptcy court protection – October 6, 2014
Apple and GT Advanced rampup sapphire production in Mesa – August 11, 2014
GT Advanced expects sales of sapphire production tools to boost profit; shares surge – August 5, 2014
Apple and GT Advanced open second sapphire plant in Salem, Massachusetts – June 19, 2014
Apple patents method for embedding sapphire displays in LiquidMetal device chassis – May 27, 2014