“GT Advanced Technologies Inc said it will cut 890 jobs, close an Arizona plant expected to make scratch-resistant screens for Apple Inc, and suggested it could pursue legal claims against the iPhone maker while revamping under bankruptcy,” Tom Hals reports for Reuters.
“GT Advanced said it was burning through $1 million a day at the operations it intended to close,” Hals reports. “‘GT believes that it has many claims against Apple arising out of its business relationship with Apple,’ the company said in a filing with the U.S. Bankruptcy Court in Manchester, New Hampshire.”
“The company said it could not pursue the unspecified claims at the outset of its bankruptcy, but that the claims would allow GT Advanced to terminate several Apple agreements that it said were burdensome and of no value,” Hals reports. “Apple responded to requests for comment by pointing to its earlier statement that it remains committed to preserving jobs in Arizona and was consulting with state and local officials on its next steps.”
Read more in the full article here.
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