GT Advanced pursuing sale of sapphire furnaces to pay off debt to Apple

GT Advanced Technologies is currently looking to sell its sapphire furnaces. The company expects to get at least $500,000 for each furnace, and a portion of the proceeds of each sale will go to Apple, which loaned GT Advanced money to buy the furnaces in the first place. From Reuters:

The furnaces were installed to make sapphire glass for Apple, which loaned GT Advanced $439 million for the project.

The sale of the sapphire furnaces was part of GT Advance's bankruptcy settlement. Under the terms of their settlement, GT has four years to pay off its debt to Apple.

Source: Reuters

Joseph Keller

Joseph Keller is the former Editor in Chief of iMore. An Apple user for almost 20 years, he spends his time learning the ins and outs of iOS and macOS, always finding ways of getting the most out of his iPhone, iPad, Apple Watch, and Mac.

5 Comments
  • I feel like I've read this 5 times already. Deja Vu? :P
  • When Microsoft did this shit to companies, the DOJ got involved. When Apple does it, nobody gives a shit!
  • It's a conspiracy!!
  • Perhaps because Al Gore is on the Apple Board of Directors? Here comes the rage!
  • It's because Apple is part of the illuminati! Sent from the iMore App