Apple abandoned abandoned sapphire enterprise GTAT will lay off 40%

CnBeta news according to foreign media reports, in order to protect the United States in the "bankruptcy law" the eleventh chapter of the successful completion of the reorganization, the former Apple supplier GT Advanced sapphire Technologies (hereinafter referred to as GTAT) plans to further reduce the company's fiscal expenditure. Learned that GTAT intends to lay off the company, the number of employees laid off the plan accounted for 40% of the total number of employees.

Last October, when the company filed for bankruptcy to the court when it has laid off nearly 1000 employees, in addition to its close cooperation with apple mesa Arizona sapphire manufacturing factory, the factory workers reached 727.

The cuts will help GTAT save nearly $20 million a year in the future. According to GTAT bondholders estimated that the reorganization of the funds required at least $95 million. By then, the company will return to the field of solar and industrial equipment.

At present, however, there are still many problems in front of GTAT, such as whether the company's loan bonds can be classified as equity, rather than regular debt. In order to solve this problem, GTAT lawyers have to apply for a delay in the protection of the Eleventh chapter. If not, then other market participants will be interested in their hearts plan.

GTAT will be blamed for the company's bankruptcy of Apple's lure means, that GT can not complete the number of sapphire production. In response, Apple has repeatedly said that they do everything possible to help GT achieve the goal. Eventually, the two companies reached a settlement, GT will be sold in a factory in Arizona, Arizona, in order to repay the Apple's debt. Now, the plant has become Apple's data center.

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