GT Advanced restructures settlement agreement with Apple

It's been a couple of weeks since we last heard news in the GT Advanced saga, but it looks like a court hearing on Monday has provided some new tidbits surrounding the tumultuous case. GT Advanced has reportedly restructured its settlement agreement with Apple in order to appease its creditors.

The details of the new settlement came from Luc Despins, one of GT Advanced's lawyers. According to a report by Reuters:

Despins told the court he anticipated each furnace would fetch at least $500,000. Apple would receive $169,000 for each of the first 500 furnaces under the modified agreement. Previously, the parties had agreed that Apple would get $200,000 from each of the first 500 furnaces sold.

The new settlement terms also allows GT to store its furnaces in Mesa rent free for an added three months, to the end of next year.

Previously, creditors for the embattled sapphire manufacturer had called for an extension in the settlement hearing in order to ascertain whether Apple was carrying its fair share of the burden in its settlement with GT Advanced. The new settlement terms appear to be in response to those concerns.

Source: Reuters