GT Advanced To Sell Its Sapphire Furnaces

GT Advanced Technologies Inc said it is pursuing the sale of its sapphire furnaces and will pay former partner, Apple Inc, a portion of the cash it gets from the sale.

The furnaces were installed to make sapphire glass for Apple, which loaned GT Advanced $US439 million for the project.

GT Advanced, which invested heavily into increasing production of sapphire materials for Apple, blamed the supply agreement for forcing it into bankruptcy in October, a move that shocked investors and sent its stock plummeting more than 90 per cent to under $US1 before Nasdaq suspended the shares.

The company’s attorney Luc Despins had earlier told the court that he anticipated each furnace would fetch at least $US500,000.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Anil D’Silva)

More from Reuters:

This article originally appeared at Reuters. Copyright 2014. Follow Reuters on Twitter.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.