GT Advanced to sell off Sapphire furnaces as partnership with Apple ends

In its bankruptcy settlement, it appears that GT Advanced Technologies, which would have been an Apple sapphire display partner, had struck an amicable deal with Apple. As part of its settlement, GT Advanced would sell its furnaces at the Mesa, Arizona facility to pay back Apple as well as surrender all claims and not disparage Apple.

In an interview with the WSJ, GT Advanced Technologies attorney Luc Despin said:

...The proposed settlement allows GT Advanced to try to sell the furnaces at the Mesa, Ariz. sapphire-manufacturing facility, and give the money to Apple, which financed the equipment. GT Advanced would surrender its claims against Apple, under the deal, and agree not to disparage the technology giant, Mr. Despins said.

Additionally, because of confidentiality clause in the original agreement, we may never know what went wrong:

Mr. Despins said GT Advanced and Apple have agreed to file a revised explanation for GT Advanced's surprise bankruptcy filing as part of the pact, and ultimately erase from the public record the court papers that set out what went wrong in the relationship between the two companies.

Apple has so far not commented on the matter.

Were you hoping more from the relationship between GT Advanced and Apple before things went south leading the former to bankruptcy?

Source: WSJ