Apple signed an agreement with GT Advanced Technologies (GTAT), which was expected to be its sapphire supplier but eventually went bankrupt, to settle the latter's $439 million unliquidated obligations.
According to court documents submitted to the US Bankruptcy Court in New Hampshire on Monday, GTAT intends to auction out the sapphire manufacturing equipment previously purchased for cooperation with Apple, retaining at most 600 furnaces, and all unsold equipment will be disposed of by Apple.
GTAT filed for bankruptcy protection a year ago and claimed that the company's cooperation agreement with Apple was too favorable for Apple. Apple argues that the failure of cooperation is entirely due to the fact that GTAT cannot supply sapphire crystals in good quality and quantity.
The cooperation between Apple and GTAT was first reported in newspapers in November 2013, and the relevant details were not made public by the bankruptcy court until GTAT filed for bankruptcy protection. GTAT spent about $900 million to build a high-quality sapphire production plant in Mesa, Arizona, in which Apple advanced $439 million in advance. Due to the cooperative abortion, Apple wants to recover the funds it has previously paid.
GTAT subsequently adopted a “slow down†plan to sell more than 2,000 sapphire furnaces for debt service. However, GTAT failed to achieve that goal, so the auction plan was proposed today.
The purpose of the joint venture between Apple and GTAT is to produce sapphire on a large scale for devices such as the iPhone. GTAT filed a bankruptcy protection application with the court in October 2014, and subsequently claimed that Apple had thrown a “bait†tactic in the cooperative transaction and made an unreasonable request. Apple responded that the company had spent a lot of effort to solve the trouble that GTAT was frustrated.
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