GT Advanced Technologies debtor’s $1.85 million asset sale approved

By Caroline Salls

Pittsburgh, June 24 – GT Advanced Technologies Inc. obtained court approval of debtor GT Sapphire Systems Group LLC’s $1.85 million sale of some of its assets to Thermal Technology, LLC, according to an order filed June 23 with the U.S. Bankruptcy Court for the District of New Hampshire.

In connection with its acquisition of the assets, GT said Thermal Technology will also make offers of employment and assume all liabilities to the debtor’s transferred employees.

The assets to be sold include assets originally acquired from Thermal Technology in May 2013 or that were developed subsequently by GT Sapphire Systems in order to facilitate and complement GT Advanced’s production of sapphire materials.

The purchased assets include machinery, equipment and tooling located at GT Sapphire’s facility in Santa Rosa, Calif., inventory of finished product and work in progress and accounts receivable. The purchase assets do not include GT Sapphire’s cash and cash equivalents or specified intellectual property.

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, 2014 under Chapter 11 case number 14-11916.

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