GT Advanced Technologies, a sapphire supplier for Apple, has filed for bankruptcy
GT Advanced Technologies, a sapphire supplier that entered a multiyear deal with Apple last November, has filed for bankruptcy. The troubled company said it had $85 million in cash as of September 29, and was now looking for debtor-in-possession financing to continue operations. Tom Gutierrez, president and CEO of GT Advanced Technologies, said the company still had a “strong” and “fundamentally sound” business: “Today’s filing does not mean we are going out of business; rather, it provides us with the opportunity to continue to execute our business plan on a stronger footing, maintain operations of our diversified business, and improve our balance…
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