Apple’s failed sapphire partner GT Advanced Technologies emerges from bankruptcy

GT Advanced Technologies Inc. today announced that it has emerged from Chapter 11 as a newly reorganized company. GT Advanced Technologies Inc. and its affiliated debtors have emerged with a solid balance sheet and renewed strategy focused on growth in the solar and sapphire industries.

“Our emergence from Chapter 11 marks the start of a new chapter for our company,” said David Keck, GTAT’s President and Chief Executive Officer, in a statement. “Through this process, we have resolved the issues which led to our decision to seek bankruptcy court protection. With our strengthened financial flexibility, we will focus on our industry leading capabilities in the solar and sapphire markets.”

The company’s $80 million of exit financing was provided by a group of financial sponsors with combined assets under management of more than $30 billion. “Our emergence would not have been possible without the support of our financial sponsors, whose willingness to invest in the company demonstrates their confidence in GTAT’s prospects for long-term growth and value creation. I want to thank our employees who have worked tirelessly in achieving our successful restructuring. We are also grateful to our customers and suppliers who have been critical to our success throughout this process. We believe GTAT is well positioned for the future and we are excited about our market opportunities,” Mr. Keck concluded.

Source: GT Advanced Technologies Inc.

SEE ALSO:
Apple and GT Advanced reach new accord on $439 million loan – November 3, 2015
GT Advanced cuts 40% of workforce – August 31, 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

13 Comments

      1. I heard about a fund manager years ago who bought companies in chapter 11, with the expectation that only 1 in 10 or so would come out of bankruptcy. Apparently, the ones that emerged had enough gains in their shares to make up the losses on the ones that didn’t.

        -jcr

        1. I’ve experienced this once with Hawaiian Airlines (HA).. At the lowest point in bankruptcy they were at $0.25.. I bought 700 at about $2.50 so was down to about 10% of my investment. Now the stock is worth upwards of $45.. 😀 Hang in there and hopefully GTAT will also get up there.

    1. At least from the point of view of Apple’s expectations of GT Advanced, they’re a failed company with failed technology and failed management. Exactly what exciting market opportunities do they expect to come their way?

        1. of course, GT could not create high enough quality sapphire glass in sufficient quantities to satisfy Apple, but for two bit- low quality android knockoffs it would be good enough for the settlers

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