GT Advanced wins interim OK of interest and claim trading restrictions

By Caroline Salls

Pittsburgh, Oct. 14 – GT Advanced Technologies Inc. received interim court approval of restrictions and notification procedures for trading in its equity interests and claims to preserve net operating losses and other tax attributes, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of New Hampshire.

A final hearing will be held on Oct. 30 if any objections are received.

The company estimated that, as of Dec. 31, it will have net operating losses of $152 million.

Specifically, holders of at least 4.75% of the company’s equity and claims must provide notification of proposed transfers of their stock or claims, giving GT the opportunity to object to the transfer to preserve the tax attributes.

If the company does object, the transfer cannot take place without further court order.

The procedures also require holders to declare their status as substantial equity or claimholders.

Merrimack, N.H.-based GT Advanced Technologies is a provider of equipment and services that support the growth of the solar and LED industries. The Chapter 11 case number is 14-11916.

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