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Manufacturer of sapphire glass GT Advanced will pay the debt Apple for 4 years
Apple and manufacturer of synthetic sapphires GT Advanced Technologies entered into an agreement under which the parties “amicably” stopped cooperation after the October GTAT unexpectedly announced the initiation of bankruptcy proceedings. Today, the court gave the last four years, during which GTAT should sell existing products and production equipment and repay debt.
Apparently, in the event of litigation could be publicized agreement with Apple GTAT, some of which Apple wanted to keep secret. This is evidenced by court papers asking Apple, to its objections to the bankruptcy proceedings under Chapter 11 GTAT US Bankruptcy Code were held in secret.
After the agreement terms of the deal Apple and GTAT, of course, will always remain inaccessible to the public. As the resource Wall Street Journal, GT Advanced and Apple have agreed to amend the explanation for bankruptcy GTAT, and, consequently, to withdraw from free access to court records, revealing what went wrong in the relationship between the two companies.
According to the lawyer GTAT, according to the agreement, the company must sell some of the equipment installed at the plant in Mesa (Arizona), including 2,000 stoves and repay their debt to Apple, to invest in this project most of the planned $ 578 million. Moreover, the maturity of the debt was increased to 4 years.
According to the Wall Street Journal, the judge presiding at the trial of bankruptcy GTAT, agreed to the request of the contents of secret documents detailing the bankruptcy proceedings, since the parties reached a peace agreement. Remarkably, access to documentation, investors do not even have two companies that want to know the causes of the conflict.
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