GT Advanced's creditors request extension in settlement hearing

It seems that there's more news in the never ending story of GT Advanced today. The latest sees the sapphire manufacturer's creditors calling for an extension concerning a settlement hearing that could potentially see GT Advanced paying Apple $439 million as it sells off its sapphire furnaces, Reuters reported today.

The creditors submitted their complaint in a court filing on Tuesday claiming that GT Advanced may have gotten the short end of the stick in its settlement with Apple, saying that "extraordinary allegations against Apple ... call into question the adequacy of the settlement agreement."

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The creditors requested the delay to further investigate internal records from Apple and GT Advanced in order to decide whether or not Apple should carry more responsibility for the plant's bankruptcy.

According to Reuters, GT Advanced is opposed to the extension as it could potentially "hurt its ability to reorganize and repay its creditors."

Source: Reuters

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