GT Advanced Technologies Inc Down On Bankruptcy News
UPDATE: As of 12:15 p.m. EST, shares were down 91 percent, more than $10, at $1.04.
GT Advanced Technologies Inc (NASDAQ: 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 Inc.'s(NASDAQ: AAPL) latest iPhone 6. It was recently announced that production on the Apple Watch will be delayed until January 2015.
Shares of GT Advanced traded at $10.98 before being halted multiple times. As of 11 a.m. EST, shares were down 84 percent, more than $9, at $1.75.
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