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GT Advanced looking to sales of sapphire furnaces, securing DIP loan
By Kali Hays
New York, Dec. 23 – GT Advanced Technologies Inc. is pursuing opportunities with its Advanced Sapphire Furnace (ASF) technology for sapphire cover glass across the smartphone market and in the LED industrial markets since its settlement agreement with Apple Inc. has been approved, according to a news release.
As previously reported, the U.S. Bankruptcy Court for the District of New Hampshire approved the settlement on Dec. 17, releasing GT from all exclusivity restrictions with Apple and allowing the company to retain control of its intellectual property and ownership of the production and assets located at a production facility in Mesa, Ariz.
Through the settlement GT obtained a rent-free lease of the Mesa facility through 2015 and an additional rent-free lease of a portion of the facility for storage through 2019, subject to early termination by Apple after July 1, 2016, according to the release.
Apple will receive payments from a portion of all sales of ASF furnaces toward its allowed $439 million claim against GT.
GT’s chief executive officer and president, Tom Gutierrez, said, “We are focused on executing our business plan, which includes marketing and selling our market-leading ASL sapphire growth technology. Since we have reentered the market, interest in our sapphire technology has continued to grow.”
Gutierrez went on to say that the company held $96.7 million as of Dec. 19 and that the company is “making good progress” toward securing debtor-in-possession financing for further implementation of GT’s business plan, according to the release.
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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