GT Advanced Technologies Inc fka GTAT

[MattySR]

Bankruptcy was coming regardless. The timing was on the early side of the spectrum to have some cash for the BK. also GTAT hoped for a favorable outcome from litigation with Apple. Apple settlement is a favorable outcome if furnaces actually a sell (which has not happened in chapter 11)

Once GTAT signed statements of work and accepted Apple funding, GTAT bankruptcy time bomg began. Their solar business was tanking, ASF for led was tanking, ASF for mobile screens business was non-existent due to Apple supplier term, GTAT was just beginning to develop Hyperion and Merlin, Apple essentially bought no sapphire from GTATs sapphire production businessetc, etc. no revenue, huge debt (Apple loan of 439 mil + new bond issuance of 200 mil and trade payables of 140-150 mil just to create equipment to make and fabricate sapphire)

As a company GTAT could have weathered the storm/downturn in the business if they had not signed up with Apple.