On the evening of October 6, Beijing time, Apple's sapphire glass screen partner GT Advanced Technologies (GTAT) officially filed for bankruptcy protection today.
GTAT and Apple jointly formed a sapphire glass production plant. After Nasdaq resumed its stock trading, the stock plunged more than 90% in an instant, and the price fell to 96 cents.
GTAT's business has been hit hard as Apple's latest generation of big-screen iPhones released last month did not use sapphire glass screens. Pavel Mochanov, an analyst at US investment bank Raymond James, said in an e-mail: "The relationship between GTAT and Apple has fundamentally broken."
From September 9th, when Apple released the latest generation of iPhones to last Friday's close, GTAT's stocks plummeted 36%.
A number of GTAT subsidiaries have also filed for bankruptcy. It said that as of September 29, the company had cash flow of only $85 million, and GTAT's company assets and liabilities exceeded $1 billion.
GTAT has filed a bankruptcy petition with the regional bankruptcy court in New Hampshire, USA. It said that it is in the process of Debtor-in-Possession Financing in order to get more money.
GTAT said it expects the court to approve the company to continue its business after completing the restructuring.
The plan for the joint venture between GTAT and Apple to form a sapphire glass screen production plant was first announced on November 4 last year. From then until the new iPhone release on September 9 this year, GT Advanced's stock more than doubled in nine months.
GTAT and Apple jointly formed a sapphire glass production plant. After Nasdaq resumed its stock trading, the stock plunged more than 90% in an instant, and the price fell to 96 cents.
GTAT's business has been hit hard as Apple's latest generation of big-screen iPhones released last month did not use sapphire glass screens. Pavel Mochanov, an analyst at US investment bank Raymond James, said in an e-mail: "The relationship between GTAT and Apple has fundamentally broken."
From September 9th, when Apple released the latest generation of iPhones to last Friday's close, GTAT's stocks plummeted 36%.
A number of GTAT subsidiaries have also filed for bankruptcy. It said that as of September 29, the company had cash flow of only $85 million, and GTAT's company assets and liabilities exceeded $1 billion.
GTAT has filed a bankruptcy petition with the regional bankruptcy court in New Hampshire, USA. It said that it is in the process of Debtor-in-Possession Financing in order to get more money.
GTAT said it expects the court to approve the company to continue its business after completing the restructuring.
The plan for the joint venture between GTAT and Apple to form a sapphire glass screen production plant was first announced on November 4 last year. From then until the new iPhone release on September 9 this year, GT Advanced's stock more than doubled in nine months.
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