April 25, 2024 10:40 am
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Apple, supplier GT strike deal to unseal info, shutter Arizona plant

open-recordsBy Nick Brown and Noel Randewich

(Reuters) – Apple and GT Advanced Technologies Inc struck an agreement on Tuesday that will let GT begin the shutdown of key Arizona operations, and shed some more light on why the former stock market darling abruptly filed for bankruptcy this month.

A lawyer for GT, Apple’s erstwhile sapphire supplier, described the deal at a hearing in U.S. Bankruptcy Court in Springfield, Massachusetts, saying it would save the company money and allow it to be more open about its mysterious Chapter 11 filing on October 6.

Scant details have emerged since the filing, which wiped out most of GT’s market value and triggered speculation as to what may have soured its relationship with Apple.

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