GT Advanced reaches amended settlement agreement with Apple, will repay up to $290,000 per furnace sold
GT Advanced announced this afternoon that it has reached an amended settlement agreement with Apple related to the sapphire crystal glass manufacturer’s recent bankruptcy filing, in which both parties have agreed to waive the condition that GT Advanced’s declaration on October 8th remain under seal and expunged. Meanwhile, GT Advanced has filed a Form 8-K with the U.S. Securities and Exchange Commission that provides further details about the recent fallout between Apple and GT Advanced.
The exhaustive document detailsÂ the exact amounts that GT Advanced must repay Apple as part of its $439 million settlement, based on cash from the sale of Advanced Sapphire Furnaces (ASFs) at its Mesa, Arizona facility. GT Advanced will be required to pay Apple $200,000 per furnaceÂ for the first 500 units sold, $250,000 per furnace forÂ units 501 through 1,000, and $290,000 per furnace fromÂ unit 1,001 until the loan is fully repaid.
Many details surrounding the fallout between Apple and GT Advanced surfaced last week inÂ a declaration fromÂ GT Advanced COO Daniel SquillerÂ filed with the United States Bankruptcy Court for the District of New Hampshire.Â Now that Apple and GT Advanced have agreed that the declaration is no longer required to remain under seal, further details about the matter could surface in the near future.
GT Advanced’s full-length Form 8-K filing with the U.S. Securities and Exchange Commission is embedded below:
Filed under: AAPL Company Tagged: agreement, Amended, Apple, Declaration, Furnaces, GT Advanced, Repayment, settlement
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