GTAT and Apple reach an agreement to sell iron to pay off 439 million debts
A year ago, Apple sapphire supplier GTAT and Apple parted ways to declare bankruptcy, although the process is harmonious, but GTAT still owes Apple 439 million US dollars, 4th "Wall Street Journal" reported that GT and Apple are finally repaying An agreement was reached on the debt.
According to documents submitted to the US Bankruptcy Court, GTAT will auction the sapphire manufacturing equipment originally acquired for the Apple Sapphire Screen. The GT retains up to 600 furnaces for the manufacture of sapphire, and all unsold items will be disposed of by Apple. A year ago, GT announced that they planned to sell more than 2,000 furnaces in the Arizona factory to pay off debts, but one could not sell them, forcing them to go to the auction.
At the beginning, GTAT spent about $900 million at the Arizona sapphire factory, in which Apple advanced 439 million US dollars in advance. The agreement reached this time will reduce the loan provided to GT when the two parties cooperated, and the auction proceeds from both sides. Minute. GT laid off 700 people after the bankruptcy was announced, and GT cut 40% of its employees earlier this year.
Because sapphire is harder than glass, Apple only borrowed money from GT to let them produce the materials used in the next generation of iPhone. But the middle process went wrong. Whether GT said Apple has been changing its specifications and requirements, or Apple alleged that GT has no ability to meet the standards, GT is deeply immersed in the lack of customers and heavy loans.
The Wall Street Journal pointed out that GT expects to sell these furnaces until December 31. The best option is to invite bidders to participate in the auction, which will be held on November 23. Before the GT and Apple enter the auction process, they must wait for the bankrupt judge to sign the plan.
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