GT Files for Chap 11 After Apple's Sapphire Interest Wanes

GT Advanced Technologies and seven of its direct and indirect subsidiaries on Monday announced they had filed for Chapter 11 bankruptcy. GT, which makes sapphire components used in the iPhone, iPad and iPod touch, expects the U.S. Bankruptcy Court for the District of New Hampshire to authorize the company to continue to conduct business as usual while it attempts to resolve its current financial issues and develop a reorganization plan. “GT has a strong and fundamentally sound underlying business,” said GT President and CEO Tom Gutierrez.

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