GT Advanced shareholder group seeks appointment of official committee

By Caroline Salls

Pittsburgh, Dec. 18 – A group of GT Advanced Technologies Inc. equityholders is asking the U.S. Bankruptcy Court for the District of New Hampshire to appoint an official committee of equity security holders, according to a Thursday court filing.

The shareholders said they believe that GT is not “hopelessly insolvent” and that their interests are not adequately represented in the company’s Chapter 11 case.

According to the motion, GT’s management has “ceased being a warrior for shareholders.”

In addition, the shareholders said the company’s official committee of unsecured creditors has deliberately acted to block the formation of an equity committee by the U.S. Trustee for the case through inaccurate statements that GT is at risk for the full liquidation of its assets.

“The appointment of an equity committee is necessary to increase the quality of information available to the court and other parties to this case throughout these proceedings,” the motion said.

“An equity committee is the only vehicle which will provide voice and party to the case.”

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 company filed for bankruptcy on Oct. 6 under Chapter 11 case number 14-11916.

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