GT Advanced Technologies Inc Halted On Bankruptcy News

GT Advanced Technologies Inc GTAT has announced a voluntary bankruptcy filing. The company feels the courts will allow the company to conduct business as it develops a reorganization plan

GT Advanced disclosed that as of September 29, it had $85 million in cash and is now seeking debtor-in-possession financing to access additional funds.

Tom Gutierrez, CEO of GT Advanced Technologies, said the company still has a strong and sound business, but that the Chapter 11 bankruptcy filing will allow it time to regain its footing.

GT Advanced's sapphire display did not appear to be included in Apple's AAPL latest iPhone 6. It was recently announced that production on the Apple Watch will be delayed until January 2015.

Shares of GT Advanced last traded at $10.98 before being halted.