GT unable to disclose bankruptcy details due to ‘confidentiality agreements’ | iLounge News

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GT unable to disclose bankruptcy details due to ‘confidentiality agreements’

Following its bankruptcy filing earlier this week, GT Advanced Technologies has asked for non-disclosure in its pending bankruptcy proceedings, stating that it cannot disclose the details surrounding its Chapter 11 bankruptcy due to “an unspecified confidentiality agreement.” A lawyer for the company told a U.S. Bankruptcy judge that the agreement in question prevented the company from disclosing the cause of the bankruptcy, or any plans it has for dealing with the bankruptcy. The court was also asked by GT to seal specific documents referencing a third party, and asked that the proceeding be closed to the public to avoid violating “existing confidentiality agreements” that could make the company liable for potential damages of up to $50 million per violation. Since Apple is known for its strict confidentiality clauses, and was working closely with GT Advanced Technologies, it seems extremely likely that Apple is the unnamed third party in this case, although the larger company was reportedly surprised by the bankruptcy filing earlier this week.

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