Late last week, we reported that GT Advanced's creditors had requested an extension in the hearing on Apple's settlement with the sapphire manufacturer. Well, as the saga continues, it looks as though those same creditors are getting their wish, as they will be allowed to take a look at Apple documents under a protective court order, the Wall Street Journal reported today.
The review follows news of a settlement deal that would see GT Advanced paying Apple $439 million as it sells off its sapphire furnaces to cover loans from Cupertino. The settlement was originally set to be heard by a judge last week, but was delayed at the request of the creditors. GT Advanced was opposed to the delay, as it said it could potentially "hurt its ability to reorganize and repay its creditors." However, according to a protective court order signed today, the creditors will be allowed to assess the settlement by submitting questions to Apple and reviewing the company's documents ahead of the rescheduled hearing in December.
The Wall Street Journal writes:
The information exchange is under wraps, but anything creditors seize on as grounds to challenge Apple's deal with GT will have to meet strict standards to justify the secrecy, Judge Henry Boroff warned the companies at a hearing Tuesday in the U.S. Bankruptcy Court in New Hampshire.
Source: Wall Street Journal