GT Advanced Technologies Inc fka GTAT

[lecorb]

Every cloud has a silver lining.Frozen debt, goodbye to apple, a huge weight! The numbers change in positive to GTAT.


GTAT,AAPL: Apple, GT reach deal to shutter sapphire plant, sell furnaces

In a deal that GT Advanced (NASDAQ:GTAT) lawyer Luc Despins calls an "amicable parting of the ways," Apple (NASDAQ:AAPL) and GT have agreed to wind down Apple's Mesa, AZ plant, once expected to provide sapphire that would be used to protect millions of Apple device screens..
•The plant's sapphire furnaces (owned/operated by GT) will be sold - Fortune's Philip Elmer-DeWitt reports 2,039 will be unloaded - and some of the proceeds used to pay down GT's debt to Apple. Apple made $440M worth of prepayments to GT that were structured as secured debt.
•The deal indicates Apple will be turning to 3rd-party sapphire suppliers to obtain cover glass for the Apple Watch, which is set to ship in early 2015. The regular Apple Watch and the high-end Apple Watch Edition use sapphire cover glass; the Apple Watch Sport doesn't.
•As part of the deal, GT is seeking to have the original court docs (currently sealed) that explained its bankruptcy filing struck from the public record. However, its lawyers state GT will be able to disclose most of the information that's pertinent to its bankruptcy.
•Earlier: GT Advanced nears settlement with Apple

http://seekingalpha.com/news/2046815-apple-gt-reach-deal-to-shutter-sapphire-plant-sell-furnaces?app=1&uprof=44#email_link