GT Advanced Technologies, a sapphire glass maker, expects to emerge from Chapter 11 bankruptcy "as soon as possible," after a bankruptcy court entered an order confirming the debtors' amended joint plan of reorganization.
The company filed for Chapter 11 bankruptcy in October 2014 after its scratch-resistant sapphire glass was left out of Apple's iPhone 6 and 6 plus. GT Advanced said in a filing on Monday that the bankruptcy court entered an order confirming debtors' amended joint plan of reorganization under Chapter 11 of the bankruptcy code.
GTAT claimed Apple imposed "oppressive and burdensome terms and obligations” on the company and were an "unnecessary drain" on its resources, reportedly costing $1 million a day. The display supplier closed plants in Arizona and Massachusetts, resulting in the loss of 890 jobs out of a total workforce of 1,100. GTAT said Apple was to blame even though Apple provided $578 million in funding for the Arizona plant, which GT agreed to repay the money over five years.