GT Advanced Technologies Inc fka GTAT

[XenaLives]

The judge is in the catbird seat. There is a reason that his sentiment has changed and I suspect the departure of TG is related to that reason.

This was started as a strategic bankruptcy designed to ditch the Apple contract. Now it's a "ground up" reorganization.

So at this time I do support formation of an equity committee.

Gutierrez resigned without explanation, but statements made at the hearing indicate that it wasn’t at the best of terms.

Despins said that the change was favored by the creditors committee, and when discussing a motion about severance from lower-level executives in Hong Kong, he assured the court that the “CEO is not getting anything.”

Despins asked Judge Henry J. Boroff to close the courtroom to the press, presumably to disclose more details, but the judge declined, and that was all he said on the matter.

‘A seat at the table’

During the last two weeks, Keck has been busy re-evaluating the business “from the ground up” and has concluded that the company must revise its business plan, Despins said. Keck has met with the creditors and bondholders about the matter, Despins said.

http://www.nhbr.com/September-4-2015/GTAT-cuts-workforce-by-another-40-percent/