GT Advanced Describes ‘Unsustainable’ Apple Relationship
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GT Advanced Technologies Inc. Chief Operating Officer Daniel Squiller said bankruptcy was necessary because an “ambitious” supply agreement with Apple 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. In court papers yesterday, Squiller described events leading up to the Chapter 11 filing.