GT Advanced, an Apple partner that runs the sophisticated manufacturing plant in Mesa, Arizona which churns out sapphire components for iOS devices, filed for Chapter 11 bankruptcy protection on Monday.
Filing for bankruptcy lets GT continue normal operations and meet its obligations until it reorganizes its business and negotiate new financing arrangements with its creditors.
As of September 29, 2014, the company has approximately $85 million of cash. The company owns and operate furnaces and related equipment on the behalf of Apple at the Mesa facility. Earlier this year, the iPhone maker said it will prepay $578 million for the equipment and related retooling. GT agreed to reimburse Apple for those funds over a period of five years beginning in 2015.... Read the rest of this post here
"Apple’s sapphire maker GT Advanced files for bankruptcy" is an article by iDownloadBlog.com.
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