GT Advanced Technologies — a.k.a. the disastrous sapphire supplier which was hired by Apple to build iPhone displays, before collapsing into bankruptcy — has announced that it has reemerged from Chapter 11 as a newly-reorganized company with a “solid balance sheet,” and “renewed strategy focused on growth in the solar and sapphire industries.”
It looks like that cheap cassette adaptor I bought for my first iPhone and that universal remote for all my TV gadgets at RadioShack in the last ten years may come back to haunt me.
If you’re like me and you’ve shopped at RadioShack within the last several years, your personal information may be included in the sale of all of the failed electronics retailer’s assets in an auction that concluded Monday of this week.
The sale also includes Radio Shack trademarks, patents, leases, and the court presiding over the matter will likely decide whether Radio Shack can continue its retail operations at a smaller scale.
The reported winner of the bid, Standard General, is also RadioShack’s largest shareholder, making this an odd one. The winning bid still needs to be approved by a bankruptcy judge, who will have to consider the pending legal challenges to this sale.
Like, for example, whether a retailer that bragged, “We pride ourselves on not selling our private mailing list,” can sell them once bankrupt.
GT Advanced Technologies is apparently getting out of the sapphire production game, after filing for Chapter 11 bankruptcy protection at the start of this week.
As reported by Re/code and the Wall Street Journal, the beleaguered company is asking the court’s permission to “wind down” operations at its sapphire manufacturing plant in Arizona — and, yes, for those keep track, that does come less than one year after the company first announced its game-changing deal with Apple.
How GT Advanced Technologies could have filed for bankruptcy, despite Apple’s best efforts to prop it up, is still something of a mystery — and it’ll stay like that if the company gets its way.
According to a Reuters report, GT Advanced has requested that the New Hampshire bankruptcy court currently overseeing its case put the kibosh on releasing key documents related to a “third party,” claiming that this would allow it avoid paying damages thanks to confidentiality agreements.
GT Advanced Technologies, a sapphire supplier that works closely with Apple, today confirmed that it has filed for Chapter 11 bankruptcy court protection. Its share price has been falling since it was revealed that Apple opted for Gorilla Glass rather than sapphire for its iPhone 6 displays, but GT insists it’s not going out of business.