GT Advanced asks approval of $1.29 million Citigroup claim settlement

By Caroline Salls

Pittsburgh, Sept. 28 – GT Advanced Technologies Inc. requested court approval of a claim settlement reached with Citigroup Financial Products Inc., according to a Friday filing with the U.S. Bankruptcy Court for the District of New Hampshire.

On Sept. 20, 2013, GT hired Advanced Process Systems, LLC to provide engineering, design and consulting services for sapphire and crucible recycling facilities at GT’s sapphire production plant in Mesa, Ariz. After GT filed bankruptcy, Advanced Process filed a motion for payment of a $1.09 million administrative expense claim for “goods and ancillary service,” as well as a $1.09 million administrative expense priority claim and a $334,072 general unsecured claim for goods and services provided.

Advanced Process also filed three $1.28 million administrative expense priority claims and three $334,072 general unsecured claims against GT.

The Advanced Process claims were transferred to Citigroup on March 13, 2015.

Under the proposed stipulation, Citigroup will have $1.29 million in claims against GT, including a $785,000 administrative expense priority claim and a $500,000 general unsecured claim.

All other claims filed by or on behalf of Advanced Process will be disallowed and expunged under the stipulation.

A hearing is scheduled for Oct. 16.

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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