GT Advanced Technologies, a company that specializes in supplying engineered sapphire glass has just filed for bankruptcy. The company had entered into a contract with Apple last year to supply sapphire crystal glass for upcoming products.
While it was speculated that Apple would be using sapphire glass on the iPhone 6, it instead opted to use its own version of reinforced glass instead. GT Advanced is believed to have faced yield issues with supplies. The company’s Chapter 11 filing however does not mean the end of GT Advanced. The company expects to function as normal as it restructures itself. The Chapter 11 filing made by the company has been designed to protect its assets as it assesses ways to refinance its obligations and it will protect the company’s operating budget from debt. GT Advanced’s current agreement with Apple will continue to be in effect and it is believed to be the supplier for Cupertino’s upcoming Apple Watch. We’ll have more on the future of the company as and when we find out.