By Dawn McCarty | Bloomberg
GT Advanced Technologies Inc. (GTATQ) Chief Operating Officer Daniel Squiller said bankruptcy was necessary because an “ambitious” supply agreement with Apple (AAPL) Inc. had become “unsustainable” and terms couldn’t be reworked.
GT Advanced, a maker of synthetic sapphire used to strengthen screens on mobile devices, sought bankruptcy court protection Oct. 6 without saying why. Tuesday in court papers, Squiller described events leading up to the Chapter 11 filing.
Under the terms of the 2013 agreement, Merrimack, New Hampshire-based GT Advanced was required to supply millions of units of sapphire that Apple wasn’t obligated to buy, and had to maintain certain key employees, Squiller said.
