Apple cuts a deal with failed sapphire screen supplier
Apple and GT Advanced Technologies Inc. agreed to part ways back in 2014, after the latter filed for bankruptcy. Now the two have reached a deal that will eradicate GT’s $439 million loan from Cupertino, according to The Wall Street Journal. Apple originally tapped GT to make sapphire screens for its devices, but it became obvious that trouble was brewing when the iPhone 6 launched without one. It’s unclear what really happened behind the scenes, but GT accused Apple of shifting specs and requiring the company to manufacture millions of units the iPhone-maker wasn’t obligated to buy. Apple, on the other hand, said GT couldn’t meet its goals. Either way, GT ended up not having any clients that can sustain its business. Under the terms of the deal, the manufacturer will have to auction pieces of equipment, including some of its 600 sapphire-making furnaces, by November 23rd. It will then hand everything it couldn’t sell to Apple, which promised to nuke its debt completely
Source: The Wall Street Journal
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