GTAT saved? Financiers spend $80 million

According to foreign media reports, financiers with $80 million plan for the former apple GT Advanced Technologies partners to find ways to get out of bankruptcy dilemma. The proposal has been given in a court document this week. The proposal calls for lenders to provide $60 million in new loans and $20 million worth of preferred stock to GT early next year. At the moment, GT has about $50 million in debt to repay, plus the cost of the middle. The ownership of the company will be given to the creditors.

Earlier last month, apple and GT Advanced reached an agreement on the outstanding debt of $439 million. And in order to be able to repay the debt, GT has plans to auction the previously acquired sapphire sapphire production equipment.

According to earlier court documents, GTAT will need to complete the auction before November 23rd. It is not clear whether the company has finally reached the goal, even if not, the agreement also provides a deadline for the 31 day of this month.

It is reported that, in the initial supplier agreement, GTAT spent a total of $900 million in the city of Mesa, Arizona built a sapphire production plant, of which $439 million of funds provided by apple. Originally, this company is for apple production for Touch ID fingerprint sensor, iPhone camera, Apple the coverage of Watch high-end models of surface scratch resistant sapphire, but ultimately because it can not meet the production requirements of Apple had to face bankruptcy.

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