Philip Elmer-DeWitt, Fortune:
Under the terms of the agreement — yet to be approved by the court — GT would settle its debt to Apple by selling off 2,039 sapphire furnaces.
For more background on the story, here's my earlier posts:
- Oct 10: Apple Sapphire Supplier GT Seeks Court Permission to Close Plant
- Oct 6: Apple sapphire supplier GT Advanced shocks with bankruptcy filing
Update: On Oct 23, Recode received this statement from an Apple spokeswoman:
Apple put a lot of effort into an ambitious new sapphire manufacturing process with GTAT which is not ready for production. We’re going to continue evaluating GTAT’s progress on larger sapphire boule development, as well as consider other options for the facility.