“Apple Inc. supplier GT Advanced Technologies Inc. has delayed a challenge to a court order cloaking information about the troubles believed to be responsible for the sapphire producer’s bankruptcy,” Joseph Checkler and Peg Brickley report for The Wall Street Journal.
“With nearly 900 jobs and $1.3 billion worth of liabilities on the line in the bankruptcy case, GT said it couldn’t detail its troubles with Apple publicly without risking having to pay $50 million in damages for violating confidentiality agreements,” Checkler and Brickley report. “However, the company said it is closing its Arizona and Massachusetts factories and seeking court permission to walk away from ‘oppressive and burdensome’ contracts with Apple.”
“Dow Jones & Co. Inc., the publisher of The Wall Street Journal, has moved to challenge the secrecy in the case, as have U.S. Trustee William Harrington, a Justice Department employee who oversees the bankruptcy courts, and New Hampshire Attorney General Joseph Foster,” Checkler and Brickley report. “Wednesday, just hours before the matter was set to be heard, GT, Apple and the newly appointed official committee of GT’s unsecured creditors agreed to delay the substantive parts of the secrecy challenge to Oct. 21.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Dan K.” for the heads up.]
Related articles:
GT Advanced bankruptcy judge challenges Apple’s penchant for secrecy – October 15, 2014
Apple, GT Advanced in secret session with bankruptcy judge – October 9, 2014
Apple supplier GT Advanced: Confidentiality pact rules out bankruptcy explanation – October 9, 2014
Apple ‘surprised’ by GT Advanced’s bankruptcy filing – October 8, 2014
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
and that’s why apple will now move all manufacturing to china where no-nothing judges don’t get to publish apple’s proprietary information.
Uhhh, I doubt that. China doesn’t keep secrets. They copy them.
no matter, Apple just repossesses its equipment and leases it to one of its contract manufacturers to operate.
Apple should buy an island and form their own nation, call the spaceship headquarters their embassy and be done with this stupid government. Instead of currency they have ApplePAY, and their passports are just an app.
And defend their own nation with iPhones ?
Well, MR.D, who says the island would need a defence or an army? Against what? The Americans or the Russians?
Well, the idea is not so stupid as it sounds, or is it?
In fact, there is such an island in existence. Located in the middle of the Atlantic. In it’s native language it’s name is Island and in english Iceland. No army, though a Nato country.
It went through one of the biggest bank crashes in the world in 2008, with very few Android fans, but known Apple fanatics and many of them are said to believe in alien spaceships, especially Apple’s 🙂 Should expect them to be interested in Apple moving in with some of their money 🙂
Heck no! With exploding Samsung phones a’plenty on the gray market there are much cheaper options open to them!