“Apple is objecting to bankrupt GT Advanced Technologies’ financing plan, saying the terms of the $95 million loan agreement would undermine a settlement the iPhone maker reached with its former sapphire crystal supplier last year,” Dawn Chmielewski reports for Re/code.
“The Cupertino technology giant said it generally supports GT’s plans to obtain financing to help it reorganize under the supervision of the U.S. Bankruptcy Court,” Chmielewski reports. “However, it takes issue with certain provisions of the loan that are tied to a May fire at Apple’s Arizona facility.”
Chmielewski reports, “A group of GT Advanced’s shareholders also have raised objections, questioning why the company needs to raise money nine months into its bankruptcy.”
Read more in the full article here.
MacDailyNews Take: It’s the amateur hour that never ends.
Fire damages Apple’s former sapphire-screen factory in Mesa, Arizona – May 27, 2015
GT Advanced to pursue $95 million bankruptcy loan – March 18, 2015
GT Advanced wants bankruptcy judge to approve millions in executive bonuses – December 31, 2014
Apple, GT Advanced and the ‘boule graveyard’ – November 20, 2014
Lack of experience, mismanagement doomed GT Advanced’s sapphire adventure – November 19, 2014
Court unseals GT Advanced documents: Apple says it ‘bent over backwards’ to help sapphire supplier – November 7, 2014
GT Advanced COO sold $2 million in stock after sapphire deal with Apple began to sour – October 14, 2014
GT Advanced blames ‘oppressive and burdensome’ Apple terms in quest to ax sapphire production – October 10, 2014
GT Advanced CEO sold 9,000 shares the day before Apple’s iPhone 6/Plus event – October 7, 2014