GT Advanced Technologies is one of Apple’s key Sapphire partners and has a $578 million dollar contract with Apple to supply synthetic sapphire to them. Now Techcrunch is reporting that the company has filed for bankruptcy but will continue operations while restructuring and refinancing its obligations.
Apple had been rumored to be using Sapphire for the screens on their iPhone 6 and iPhone 6 Plus, but that never came to be. Other reports indicated that Apple nixed the idea of Sapphire on their smartphones due to the material not standing up to testing. However, Apple has found a use for Sapphire in both the Touch ID sensor on the iPhone and the Apple Watch.
Bankruptcy filings aren’t always a bad thing for companies. It allows them to protect their assets and budgets while they attempt to get their house in order. No word on how the GT Advanced filing will effect their partnership/contract with Apple. But with $578 million dollars on the line, you can bet they’re trying to find the best way to keep themselves in play. The Apple Watch has yet to be released and when production starts, Apple will be needing that Sapphire. What do you think of GT Advanced’s filing? Let us know in the comments below, or on Google+, Facebook, or Twitter.Source: Techcrunch