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Apple Sapphire Glass Supplier GT Advanced Files For Bankruptcy

Posted by samzenpus on from the end-of-the-line dept.

mrspoonsi writes GT Advanced Technologies is filing for bankruptcy. In an announcement on Monday, GT Advanced, which makes sapphire displays that many investors hoped would be in Apple's newest iPhone, said that it was filing for Chapter 11 bankruptcy. In early September, shares of GT Advanced got crushed after the company's sapphire displays were not in the latest version of Apple's iPhone 6 and 6 Plus. GT Advanced, however, signed a multi-year agreement with Apple last November to supply the company with sapphire material. That agreement included a $578 million prepayment, which GT Advanced is set to repay Apple over a five-year period starting in 2015.

1 of 171 comments (clear)

  1. Re:Possible sequence by cdrudge · · Score: 5, Interesting

    You forgot:

    6) Apple obtains GTAT through bankruptcy proceedings in lieu of being repaid for cheaper than what it would have cost before #2

    7) Apple vertically integrates a component of supply chain using change it found in their lobby's couch cushions.