GT Advanced Technologies Inc. Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : GT Advanced Technologies Inc.

GTATQ 0.0215

-4.4%

Mar 17 4:00 PM EDT

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: Sam

10/8/2014 11:44:00 AM

of 86

This gets curiouser and curiouser....

Apple surprised by sapphire partner's bankruptcy
MARKETWATCH 11:40 AM ET 10/8/2014

Symbol Last Price Change

AAPL	99	+0.25 (+0.25%)
GTAT	1.59	+0.38 (+31.4%)
QUOTES AS OF 11:41:09 AM ET 10/08/2014

Apple Inc. (AAPL) on Wednesday said it was surprised by the bankruptcy filing earlier this week by one of its sapphire partners, GT Advanced Technologies Inc.(GTAT)

In its first comments since GT's Chapter 11 filing Monday, Apple(AAPL) said, "We are focused on preserving jobs in Arizona following GT's surprising decision and we will continue to work with state and local officials as we consider our next steps."

GT is a major partner for Apple's(AAPL) sapphire initiative. Apple(AAPL) last year bought the 1.4-million-square-foot Arizona facility--about the size of two dozen football fields--from a solar-panel producer for $113 million and leased it to GT, a leading maker of furnaces used to produce sapphire.

Apple (AAPL) had agreed to four prepayments to GT (GTAT) totaling $578 million--contingent on meeting certain technical requirements--to buy equipment for the facility. Apple(AAPL) didn't pay the final $139 million of its prepayment loans because GT didn't meet those technical milestones, people familiar with the matter have said.

A GT spokesman didn't respond to requests for comment.

(An expanded version of this report appears at WSJ:com: online.wsj.com bankruptcy-filing-1412782625?mod=mktw.)

-Daisuke Wakabayashi ; 415-439-6400; AskNewswires@dowjones.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next