Dec. 16, 2014, 6:13 PM
- Bankruptcy judge Henry Boroff has signed off on GT Advanced's (OTCPK:GTATQ) revised settlement with Apple, through which GT stands to keep an extra ~$50M as it sells off its 2,000 sapphire furnaces to help pay down $439M in claims held by Apple.
- GT attorney Luc Despins told the court he expects each furnace to sell for at least $500K. Apple will receive $169K/furnace for the first 500 sold, and $224K/furnace for the next 500.
- Advantage Capital's Irvin Schlussel notes the furnace proceeds will determine how much GT's creditors recover ... and if anything will be left over for stockholders. "If they sell these furnaces for $500,000, then all of a sudden we have a great prospect for full recovery for the bonds."
- GT rose to $0.49 on the pink sheets today. Its market cap stands at $67.4M.
Oct. 21, 2014, 11:04 AM
- GT Advanced (GTAT) and Apple "are on the cusp of a consensual global settlement," GT says in a new court filing.
- Attorney Luc Despins: "We’re optimistic that in the next hour or so we will have a signed settlement agreement with Apple. Optimistic, no guarantees of that." He adds the deal "resolves a lot of the issues before the court" in terms of explaining GT's bankruptcy filing.
- GT shares are up 101.6% on the pink sheets to $0.73.
- Last week: GT's bankruptcy hearing delayed
Oct. 10, 2014, 12:45 PM
Oct. 10, 2014, 9:07 AM
Oct. 9, 2014, 7:18 PM
- GT Advanced (NASDAQ:GTAT) plans to file a motion seeking authorization to wind down operations at its sapphire manufacturing plants, and has been ordered (.pdf) by bankruptcy judge Henry Boroff to immediately file it. A hearing on the motion is set for 2PM ET on Oct. 15.
- Boroff also orders GT (referred to as "the Debtor") to "provide all such information as shall be reasonably requested to any party in interest and the United States Trustee and, in the Debtor’s sole discretion, to the public press, except that in the event that any such information relates to the details of the Debtors’ business relationship with Apple."
- The order follows a GT request to keep its bankruptcy hearing (with Boroff and Apple) and court documents private. The WSJ says it "inquired about registering a protest over GT’s motion to seal the documents that explain what went wrong between GT and Apple," but didn't receive a response before today's court session.
- GTAT -27.9% AH to $0.93.
Oct. 8, 2014, 12:45 PM
Oct. 8, 2014, 9:10 AM
Oct. 7, 2014, 12:45 PM
Oct. 6, 2014, 12:46 PM
Oct. 6, 2014, 10:48 AM
Oct. 6, 2014, 10:17 AM
- In a stunning announcement, GT Advanced (NASDAQ:GTAT) says it has "commenced voluntary cases under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Hampshire."
- GT had just $85M in cash as of Sep. 29, and is now seeking debtor-in-possession financing. It observes the Nasdaq "may temporarily halt trading in the company's stock pending the receipt of additional information on the company's financial condition."
- No details have been given on what changes occurred to GT's relationship with Apple (if any) to bring about the filing.
- Shares remain halted.
Oct. 6, 2014, 9:42 AM
Oct. 2, 2014, 1:32 PM
- GT Advanced (NASDAQ:GTAT) has postponed a business update call originally set for this week to next week. "Further details" will be provided later.
- Shares have spiked higher; they were down as much as 6% earlier today. An overnight Taiwanese media report stated the Apple Watch won't launch until February, and that supplies will be constrained by sapphire output.
- 55.6M shares (41% of the float) was shorted as of Sep. 15. Many of those shorts have seen big gains over the last month.
Sep. 10, 2014, 12:47 PM
Sep. 10, 2014, 9:15 AM
Sep. 10, 2014, 7:18 AM
- Apple's not including sapphire display technology in either of the new iPhone 6 models, but having it for the Watch "is disappointing from both a timing and volume perspective for GTAT," says Goldman analyst Brian Lee, downgrading the stock to a Neutral, with price target cut to $14 from $20.
- Removing 20M iPhone units from his model and replacing with 10M watches brings estimated 2014 revenues down to $497M from $634M, and EPS to $0.09 from $0.12.
- Piper Jaffray downgrades to Neutral, with price target cut to $16 from $23.
- Shares -10.9% premarket after yesterday's 12.9% slide.
- Previously: Apple event kicked off, iPhone 6 introduced
GTATQ vs. ETF Alternatives
GT Advanced Technologies is a leading diversified technology company producing advanced materials and innovative crystal growth equipment for the global electronics, solar and LED industries. Our technical innovations accelerate the use of advanced materials, enabling a new generation of... More
Other News & PR