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.
Source: 9to5Mac
Reader comments
GT Advanced agrees to pay Apple up to $290,000 per furnace sold
Talk about kicking a guy when he's down.
I really dont get why Apple are being this pushy with them? Surely a company like GT Advanced are hard to come by ? I know Apple always make the supply chain the way they like it but seriously...
Ruthless Apple is ruthless...