GT Advanced Technologies, a association Apple tapped to make vast quantities of sapphire, filed for Chapter 11 failure progressing today.
Over a past year, Apple helped GT Advanced harmonise a build-out of a code new turquoise prolongation trickery in Arizona, even providing GT Advanced with a few concrete loans to assistance them acquire a claim machinery. Further, regulatory filings via a year indicated that GT Advanced had skeleton to make outrageous quantities of sapphire, heading some to assume that a iPhone 6 would underline a turquoise coated display. The iPhone 6 unveiling, however, came and went with nary a discuss of sapphire. While the Watch will use turquoise crystals in a dual higher-end models, that product isn’t due until 2015.
A press recover on a matter reads:
GT Advanced Technologies Inc., announced now that it had, together with certain of a approach and surreptitious subsidiaries (collectively, GT), commenced intentional cases underneath section 11 of a Bankruptcy Code in a United States Bankruptcy Court for a District of New Hampshire. GT expects a justice will sanction a association to continue to control business as common while it devotes renewed efforts to solve a stream issues and develops a reorder plan.
GT indicated that as of Sep 29, 2014 it had approximately $85 million of cash. In addition, it is now seeking debtor-in-possession financing, which, once obtained, would yield a association with an evident source of additional funds. These appropriation sources will capacitate GT to prove a prevalent obligations compared with a daily operation of a business, including a timely remuneration of worker salary and other obligations.
As a outcome of a filing, and as is prevalent with open companies, NASDAQ might temporarily hindrance trade in a company’s batch tentative a receipt of additional information on a company’s financial condition. The association is auxiliary with NASDAQ and will be providing any requested information as soon as possible.
The iPhone 6 still employs turquoise for a home symbol and a camera lens, though that’s apparently not adequate to give GT Advanced a volume of money they need to run their business.
As for turquoise not being used for a iPhone 6 display, there are dual theories percolating by a blogosphere. One is that Apple was anticipating to announce an iPhone with a turquoise arrangement though that GT Advanced wasn’t means to get yields adult to a sufficient turn before mass prolongation kicked off. Another is that Apple severely followed a thought of a turquoise iPhone arrangement though ultimately retreated after finding during dump tests that it was some-more disposed to ruinous than glass.
Following news of GT Advanced filing for bankruptcy, shares of a association are down by over 90% and are now trade during about $0.90.