Ondrej Holzman GT Advanced Technologies, a company that works closely with Apple to supply sapphire glass, confirmed today that it has filed for creditor protection. The company is in deep financial trouble, and its shares fell by 90 percent in a few hours. However, GT reports that it is not shutting down production.
A year ago GT signed a long-term contract with Apple, which paid $578 million up front, and there was speculation that sapphire glass would appear on the displays of the new iPhones. In the end, this did not happen, and sapphire continues to protect only Touch ID and the camera lens on Apple phones.
Apple instead bet on rival Gorilla Glass, and GT stock didn't react too positively. In the following months, Apple was going to use sapphire glass for its Apple Watch smartwatch, and as of September 29, GT was reporting that it had $85 million in cash. However, it has now filed for Chapter 11 bankruptcy protection from creditors to resolve its current difficulties.
"Today's filing does not mean we are closing, but it gives us the opportunity to continue to execute our business plan, maintain the operations of our diversified business and improve our balance sheet," Tom Gutierrez, president and chief executive officer of GT, said in a press release.
“We believe the Chapter 11 rehabilitation process is the best way to reorganize and protect our company and provide a path for future success. We plan to continue as a technology leader across all of our businesses," said Gutierrez.
GT has used the funding it received from Apple to improve its Massachusetts factory, but it is not yet clear how its filing for creditor protection may affect its cooperation with the California company. Likewise, it is now unclear whether GT will continue to supply Apple with sapphire for the upcoming Apple Watch.
Some speculate that GT's financial problems are due to the fact that Apple wanted to use sapphire for the displays of the new iPhones, but backed out at the last minute. However, at that point GT may have had a stockpile of sapphire lenses produced, for which it ended up not being paid, and got into trouble. But such speculations do not fit very well with arguments that speak against the use of sapphire so far for mobile device displays.
Neither side has yet commented on the whole situation.
she smoked my coot mucus, greased with pre-ejaculatory fluid, a little sweat and a little urine, she smoked it so deeply that it scratched, at times she almost vomited, I grabbed her head with my hands and drove it deep into her skull, while she smoked me, he stuck his toe in my pussy and anus, alternately in my pussy and my ass, he also got a little shit in my pussy and they left me behind my toenail. She kept smoking my hot rod until I squirted it down her throat, my warm seed running out her nostrils and mouth. then I pissed him off...
What does the Hungarian want here?
If they did something ahead of time, they made hasty orders for material for which they now have no sales. Their fault.