Last year Apple signed a deal with GT Advanced technologies tom build a sapphire glass plant, the company is producing sapphire glass for the Apple Watch.
Considering the deal with Apple, you would think that GT Advanced would be in a good financial position, the company has now announced that they are filing for bankruptcy under chapter 11.
“GT has a strong and fundamentally sound underlying business,” said Tom Gutierrez, president and chief executive officer of GT. “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.
“We are convinced that the rehabilitative process of chapter 11 is the best way to reorganize, protect our company and provide a path to our future success. We remain committed to our roots in innovation and our diversification strategy. We plan to continue to operate as a technology leader across our core set of businesses.”
As yet there are no details on what effect GT Advanced filing for Bankruptcy under Chapter 11 will have on the new Apple Watch, e wonder if Apple will step in and help the company out, as soon as we get some more details, we will let you guys know.
Source GT Advanced