GT Advanced Technologies Inc fka GTAT

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$GTAT,...GT Advanced Technologies Inc. and Its Subsidiaries File for Bankruptcy Court Protection Under Chapter 11

Expects to Continue "Business As Usual" With Approximately $85 Million of Cash on the Balance Sheet and Plans to Obtain Debtor-In-Possession Financing

http://finance.yahoo.com/news/gt-advanced-technologies-inc-subsidiaries-140858502.html


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In a stunning announcement, GT Advanced (NASDAQ:GTAT) says it has "commenced voluntary cases under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Hampshire."

GT had just $85M in cash as of Sep. 29, and is now seeking debtor-in-possession financing. It observes the Nasdaq "may temporarily halt trading in the company's stock pending the receipt of additional information on the company's financial condition."

No details have been given on what changes occurred to GT's relationship with Apple (if any) to bring about the filing.

Shares remain halted.