Slashdot Mirror
Apple To Build New $2 Billion Data Center In Bankrupted GT Advanced Buildings
mrspoonsi writes Apple announced it will spend about $2 billion to build a new data center in Mesa, Arizona. It will be housed in buildings formerly used by GT Advanced Technologies (GTAT), which went bankrupt last year after failing to supply sapphire display covers for the iPhone 6. The data center will be powered entirely by renewable energy. It will be a "command center for our global networks." Apple has said it would help find work for people affected by GTAT's bankruptcy. It's possible some of those former GTAT employees might help construct the new command center. When Apple initially partnered with GTAT to make sapphire displays, the company invested millions in a sapphire production facility. It makes sense that Apple would want to do something with the building if it couldn't make sapphire there.
No.
Apple offer a company a contract for a product of certain specification and quality.
Company accepts, borrows a shit ton of money from Apple but can't produce the goods.
Apple offers to change the repayment terms to give company more time to produce product to the right spec and avoid bankruptcy.
Company CEO and CFO unload shares at high price, then announce bankruptcy and proceed to blame Apple.
Apple uses the plant THEY bought for the company to produce the product for alternative reasons and in the process offers jobs to those who lost them.
Company still owes millions, the CEO now has millions in his bank from selling shares when he knew things were not working out while employees are laid off.
I think that is a more accurate account of what happened.