Sapphire Glass Apple Partner Filed For Bankruptcy

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Unexpected news came today from the camp of the Apple partner GT Advanced. Apple’s sapphire crystals manufacturer applied to the court in Arizona for bankruptcy . However, the situation is not as deplorable as it may seem at first glance: bankruptcy is part of a long-term strategy for GT Advanced.

As of September 29, 2014 GT Advanced possessed cash in the amount of $ 85 million. Nevertheless, this did not prevent the management to apply to the court for recognition of Arizona bankruptcy. Nevertheless, out of business is not going to GT Advanced. Bankruptcy proceedings, according to the executive director, the company needed to restructure the business.

The Company intends to raise additional financing and the need for immediate investment. These funds will help GT Advanced fulfill its obligations to customers and provide funding for daily operations, including staff salaries. All this is happening against the background of billions of investment, GT Advanced obtained from Apple. Still do not know what actually caused the company to file for bankruptcy.

Although the value of shares of GT Advanced fell by 90% after the announcement of bankruptcy, management of GT Advanced represented by CEO Tom Gutierrez keeps calm and confidence in the bright future of the company.

We have a strong and fundamental business. Today’s announcement does not mean that we go out of business. On the contrary, it gives us the opportunity to continue to follow the business plan firmly standing on their feet, to provide diversified operations of our business and improve our balance sheet.

We are deeply convinced that the rehabilitation process, provided we have chosen the method of bankruptcy, will reorganize and to protect our company and specify the path to future success.
– Tom Gutierrez, GT Advanced SEO

Earlier it was expected that the sapphire will be protected displays for the iPhone 6  and Apple Watch. The reality is that the sapphire protection will only receive the latest product. The fate of future cooperation Apple and GT Advanced also remains unknown. It is unlikely that such a bankruptcy will relieve the company from contractual obligations to Cupertino. [via MacRumors]

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