GT Advanced lawyer says close to deal with Apple on secrecy
5 minutes ago by Thomson Reuters
By Nick Brown
Oct 21 (Reuters) - A lawyer for Apple supplier GT Advanced Technologies Inc told a bankruptcy court on Tuesday the specialty glass maker was near a settlement with the iPhone maker over access to information.
Scant information has emerged since GT Advanced filed for bankruptcy on Oct. 6, wiping out most of its market value and triggering speculation about what may have soured its Apple relationship and torpedoed its prospects.
At a hearing in U.S. Bankruptcy Court in Springfield, Massachusetts, GT Advanced's lawyer, Luc Despins, said he was "optimistic" an agreement would be reached within the next hour or so to resolve disputes with Apple over the disclosure of details in the case.
Key court filings revealing the reasons for the bankruptcy, which are routine in most Chapter 11 cases, have been filed with the court in secret. GT Advanced has cited strict confidentiality requirements in its Apple contracts which, if violated, carry fines of $50 million.
The two companies made a deal in November for GT Advanced to set up a factory in Mesa, Arizona, to make scratch-resistant sapphire glass exclusively for Apple. (Reporting by Noel Randewich; Editing by Tom Brown)
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