November 17, 2024 9:11 am
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Apple and GT Advanced Technologies settle for $439M

White AppleWatch with Screen / Wikipedia
White AppleWatch with Screen / Wikipedia

By Lee Bell | the Inquirer

GT Advanced Technologies, which was expected to produce sapphire crystal screens for the iPhone 6, has come to an agreement with Apple to pay back a $439m pre-payment handed over last year following its filing for bankruptcy.

Apple provided $578m in funding for the Arizona plant, which GT agreed to repay over five years beginning in 2015. The firms also worked on a facility in Mesa, Arizona.

GT filed for bankruptcy after shares plummeted 90 percent on 7 October, causing concerns about the availability of its sapphire screens which were due to be used in the forthcoming Apple Watch.

GT then tried to convince the court to break its contracts with Apple, which it claims imposed “oppressive and burdensome terms and obligations on GT”, and were an “unnecessary drain” on its resources, reportedly costing $1m a day.

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