GT Advanced agrees to pay Apple up to $290,000 per furnace sold
GT Advanced has reached an amended settlement agreement with Apple, the company announced today. The settlement will see GT Advanced paying Apple $200,000 per Sapphire furnace sold for the first 500 units, $250,000 per furnace for 501-1000, and $290,000 per furnace for each additional unit until the loan of $439 million is repaid.
The amended settlement comes in the wake of a messy battle between the two companies after GT Advanced filed for bankruptcy last month. The latest in the lengthy battle between the former partners saw the GT Advanced COO blaming Apple for its bankruptcy and a bankruptcy judge ordering GT Advanced's bankruptcy papers unsealed despite Apple's protests.
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By Daryl Baxter