Utah People's Post

The Latest News from the Beehive State

Monday, March 20, 2023
Log in
  • National News
    • Female Caseworker Killed & Doctor Shot in Philadelphia
  • State News
    • Car Chase Leads to Drug Arrest
  • Tech & Science
  • Health
    • How to Prepare For Ticks Season
    • Magical Weight Loss Bean Scam
  • Sports
  • Business
You are here: Home / Business / GT Advanced Technologies, Apple’s Recent Acquisition, Files for Bankruptcy

GT Advanced Technologies, Apple’s Recent Acquisition, Files for Bankruptcy

October 6, 2014 Posted by Editor

index

Last year, Apple purchased GT Advanced Technologies for $578 million, after strenuous negotiations concerning the ultra-hard sapphire material producer. On Monday, GT filed for bankruptcy in a federal court, a move that comes only a few weeks after the tech giant revealed that it was no longer using sapphire as a cover for its newer iPhone models displays.

Today’s bankruptcy filing is, however, not connected to Apple’s decision, Ben Bajarin, Creative Strategies analyst says. According to Bajarin, who has recently conversed with materials experts as well as Apple suppliers, sapphire did not represent a proper glass substitute for phones in the sizes the new iPhones are produced in.

“I don’t think that sapphire was planned [for the iPhone], and for quite a while. Eventually it’s a goal, but it’s just not there yet.”

he said during an interview on Monday.

GT Advanced Technologies’ chief executive insisted that the company wasn’t shutting its doors:

“GT has a strong and fundamentally sound underlying business. Today’s filing does not mean we are going out of business; rather, it provides us with the opportunity to continue to execute our business plan on a stronger footing, maintain operations of our diversified business, and improve our balance sheet.”

said Tom Gutierrez, CEO and president, in a statement Monday.

The documents that GT filed with the U.S. Bankruptcy Court showed that the company currently had around $85 million in cash available at the end of September, significantly less than what they had on June 28th ($331 million). The company’s assets are estimated at around $1.5 billion and its liabilities at around $1.3 billion.

However, news of the company’s bankruptcy claim was overshadowed by its connection to Apple: GT operates a facility in Arizona, owned by Apple, where it intends on producing large quantities of sapphire to be used in Apple’s iWatch lines.

Bajarin believes that Apple could have come to GT’s rescue as the company had been posting losses for the last four quarters:

“Apple may have known that, but rather than let them die, which would have made one less potential supplier, it gave them a float loan to keep them alive. If GT goes under, that would have left Apple with fewer suppliers, who then may have been able to dictate production and prices.”

the analyst said, while noting that the tech giant may have decided not to help the company it acquired in 2013 because of the multiple sapphire suppliers worldwide (apparently, Apple refuses to be tied to a single supplier).

Share this:

  • Tweet
  • Share on Tumblr
  • Email

Filed Under: Business, Technology Tagged With: Apple, bankruptcy, GT advanced technologies, iPhone, iphone 5, iPhone 6, iPhone 6 Plus, iphone producers, iphone sales, iphone sapphire, Samsung Galaxy S5, Smartphones, weekend sales

Woman working out at the gym

Just 23% of Americans Are Working Out Enough in Their Spare Time

June 29, 2018 By Amelia Donovan

Poliovirus Therapy Gives Brain Cancer Patients New Hope (Study)

June 29, 2018 By Amelia Donovan

United Airlines airplane

Passenger Mysteriously Dies on United Airlines flight Bound for Boston

June 28, 2018 By Amelia Donovan

Breakfast sandwich

Here Are Some Foods No Nutritionist Would Ever Eat

June 27, 2018 By Amelia Donovan

Poppy flower

UN Warns of Surge in Opium-based Drugs and Cocaine Supply

June 27, 2018 By Amelia Donovan

U.S.-Canada border

French Jogger Detained 2 Weeks for Accidentally Crossing Border

June 26, 2018 By Amelia Donovan

Plus size model

Normalizing Plus Size Could Fuel Obesity Crisis (Study)

June 25, 2018 By Amelia Donovan

Giant manta ray

Unique Manta Ray Nursery Spotted off Texas Coast

June 23, 2018 By Amelia Donovan

The rainbow flag

WHO Scraps Transgenderism from List of Mental Illnesses

June 22, 2018 By Amelia Donovan

456 People Dead at U.K. Hospital after Taking too Many Painkillers

June 21, 2018 By Amelia Donovan

Kenyan girls dancing

Kenyans Facing Poor Nutrition as Supermarket Shopping Is on the Rise

June 20, 2018 By Amelia Donovan

Pages

  • About
  • Contact
  • Privacy Policy GDPR
  • Staff
  • Terms and Conditions

Recent Posts

  • Just 23% of Americans Are Working Out Enough in Their Spare Time
  • Poliovirus Therapy Gives Brain Cancer Patients New Hope (Study)
  • Passenger Mysteriously Dies on United Airlines flight Bound for Boston
  • Here Are Some Foods No Nutritionist Would Ever Eat
  • UN Warns of Surge in Opium-based Drugs and Cocaine Supply
  • French Jogger Detained 2 Weeks for Accidentally Crossing Border
  • Normalizing Plus Size Could Fuel Obesity Crisis (Study)

Related Articles

  • Passenger Mysteriously Dies on United Airlines flight Bound for Boston

    Jun 28, 2018
  • Fishing boat in the Atlantic Ocean

    U.S. Seafood Dealer Lied About Fish Being Caught in U.S.

    Jun 14, 2018
  • Tesla car on the road

    Tesla’s Autopilot Software To ‘Nag’ Drivers to Keep Hands on Wheel

    Jun 12, 2018
  • Mexico Slaps Tariffs on U.S. Steel, Pork, and Bourbon

    Jun 6, 2018
  • Dairy cows on a pasture

    Kentucky Milk Plant Closes after Losing Contract with Walmart

    Jun 4, 2018
  • Tesla founder Elon Musk

    Elon Musk Upset About Latest Tesla Crash Being ‘Front Page News’

    May 16, 2018
  • Orange juice bottles on Whole Foods shelves

    Amazon to Roll Out New Prime Perks for Whole Foods Shoppers

    May 2, 2018
  • U.S. Liquor Store

    Alcohol Sales on Sunday No Longer Banned in Indiana

    Mar 5, 2018
  • Bitcoin coins on 100-dollar bills

    Iran Unveils Its First National Cryptocurrency

    Feb 23, 2018
  • Transavia Airlines plane taking off

    Man on Plane who Wouldn’t Stop Farting Causes Emergency Landing

    Feb 19, 2018

Categories

  • Business
  • Entertainment
  • Health
  • National News
  • Nature
  • Provo
  • Salt Lake News
  • Science
  • Sports
  • State News
  • Tech & Science
  • Technology
  • Uncategorized
  • West Jordan
  • West Valley City
  • World

Copyright © 2023 utahpeoplespost.com

About · Privacy Policy · Terms of Use · Site Map · Contact