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Apple “Surprised” by GT Advanced Technologies’ Bankruptcy Filing

Apple “Surprised” by GT Advanced Technologies’ Bankruptcy Filing

An Apple spokesman told Reuters on Wednesday that the company was surprised by sapphire maker GT Advanced Technologies’ bankruptcy filing earlier this week, and that the company is now figuring out the next steps it will take.

GT Advanced Technologies

“We are focussed 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,” spokesman Chris Gaither said.

GT is reported to have experienced difficulty paying its bills after Apple withheld a final $139 million prepayment loan. The loan, part of a $580 million package, was intended to get sapphire glass operations up and running at the Mesa, Arizona sapphire plant owned by Apple.

GT’s first Chapter 11 bankruptcy court hearing is set for Thursday. The company says it will explain then what led to Monday’s surprise bankruptcy filing.

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