GT Advanced enters agreements with Apple affiliate tied to settlement

By Caroline Salls

Pittsburgh, Jan. 5 – GT Advanced Technologies Inc. entered into a warehouse lease agreement and an amended and restated facility lease agreement with Platypus Development LLC to implement provisions of an amended settlement reached with Apple Inc. and Platypus Development LLC, according to an 8-K filed Monday with the Securities and Exchange Commission.

As previously reported, the company entered into the amended adequate protection and settlement agreement with Apple and Platypus on Dec. 19 to settle claims related to GT’s Chapter 11 cases.

Specifically, the amended settlement called for changes to the facility lease agreement entered into on Oct. 31, 2013 by GT Advanced wholly owned subsidiary GTAT Corp. and Apple affiliate Platypus to allow GTAT to wind down its operations at a facility located in Mesa, Ariz.

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 in the U.S. Bankruptcy Court for the District of New Hampshire under Chapter 11 case number 14-11916.

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