GT and Apple to part ways ‘amicably’

GT Advanced Technologies has signed an agreement with Apple for an “amicable parting of the ways,” The Wall Street Journal reports. GT’s attorney, Luc Despins, told a U.S. Bankruptcy court that as part of the agreement, the two companies have agreed to file a revised explanation for GT’s sudden bankruptcy filing earlier this month — the companies will also withdraw court papers from the public record that outlined what went wrong in the partnership.

Earlier this year, Apple had financed a new factory in Arizona for GT Advanced Technologies to the tune of $578 million, and entered into a multi-year agreement to set the company up as a supplier of sapphire material for Apple products. GT’s bankruptcy filing earlier this month came as a surprise to Apple. Shortly after the filing, GT began asking for court documents in the bankruptcy proceedings to be sealed due to confidentiality agreements, and then later requested that the court void its agreements with Apple entirely. Although this latest news suggests that the two companies are working toward a peaceful resolution, court documents and proceedings in the case remain sealed, at least while the two companies continue to pursue their settlement.

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