Dawn Chmielewski, Recode:
Sapphire crystal maker GT Advanced Technologies, which filed for Chapter 11 bankruptcy protection earlier this week, has asked the court’s permission to “wind down” operations at its manufacturing plant, less than a year after announcing a high-profile deal to supply the material to Apple.
From a financial standpoint, this doesn't really matter to Apple. From a product/materials standpoint, I imagine it is a disappointment to all. Although GT CEO Thomas Gutierrez managed to ease his pain by selling 700,000 shares this year, valued at $10 million.
Update: Eric Slivka of MacRumors has summarized a pair of GT court filings from today.
- One seeks to void its contracts with Apple, saying they "imposed oppressive and burdensome terms and obligations" on GT.
- The second filing details GT's plan to wind down its sapphire production facilities.