In what seemed like a surprising announcement, one of Apple’s sapphire partners GT Advanced Technologies announced that they would be filing for bankruptcy. Given the fuss the company has made about their partnership with Apple and how things are progressing really well, it really did come as a bit of a shock.
Later reports revealed that GT Advanced Technologies weren’t too happy with Apple and were considering filing a lawsuit against them. Well whatever the case is, it looks like it has since been resolved. According to reports, both Apple and GT Advanced Technologies have struck a deal with one another in which it would see a revision of the bankruptcy filing where they would be allowed to share more information than before.
According to the old filing, it would basically erase from the public record as to what the problems between Apple and GT Advanced Technologies might have had with each other. It would also prevent GT Advanced Technologiesfrom revealing the reason for the company’s bankruptcy has also be kept a secret, with the company citing Apple’s whopping $50 million fine if any of their secrets were revealed to the public.
With the new deal in hand, GT Advanced Technologies will also be allowed to sell their 2,000 something furnaces that were installed at their plant in Mesa, Arizona which Apple had helped finance. Apple is also expected to get a portion of the proceeds which will be used to pay them back. According to Luc Despins, an attorney for GT, he has described the deal as an amicable parting of the ways.
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