“GT Advanced Technologies Inc. asked for bankruptcy court permission to shut down its synthetic-sapphire operations, citing terms of a contract with Apple Inc. that it called ‘oppressive’ and ‘burdensome,'” Dawn McCarty reports for Bloomberg News.
“The company told a bankruptcy judge today that it was going through cash too fast and wants to halt operations by Dec. 31, at a cost of 890 jobs. GT Advanced also asked that some details of its request be kept under wraps to avoid violating confidentiality agreements,” McCarty reports. “‘The cash burn at GTAT’s sapphire manufacturing operations for the benefit of Apple is not sustainable,’ the company said in court papers. ‘The relief requested in the wind-down motion is necessitated by GTAT’s liquidity crisis and the substantial daily cash burn of in excess of $1 million with respect to such operations.'”
Read more in the full article here.
MacDailyNews Take: You know, terms like “deliver us a quality product in bulk that we can actually use.”
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