“GT Advanced Technologies Inc. (GTAT) plunged more than 17 percent in after-hours trading after a judge told the bankrupt Apple Inc. supplier to immediately file its motion to shut down synthetic sapphire production,” Dawn McCarty reports for Bloomberg. “”
“U.S. Bankruptcy Judge Henry Boroff’s order followed a request by GT Advanced to file certain documents under seal. It had requested the secrecy to avoid violations of confidentiality agreements that it said could have cost it millions of dollars in damages. Boroff said the company can keep the details of its dealings with Apple confidential and gave GT Advanced permission to file documents under seal that outline its liquidity crisis,” McCarty reports. “A closed-door hearing with GT Advanced and lawyers for Apple and the U.S. Trustee was held after Boroff ended yesterday’s two-hour public hearing. Boroff set a hearing for Oct. 15 in Springfield, Massachusetts, to consider the motion.”
“GT Advanced will also seek permission to reject certain contracts and unexpired leases in connection with the wind down as well as approval to pay an employee incentive plan, court papers show,” McCarty reports. “Although Boroff said the motions must be presented unredacted, he did give permission to withhold some information from the public.”
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