Innovative Technologies GT Advanced Apple had to help carry out a new revolution, equipping smartphones sapphire display protection. But this did not happen, and the manufacturer hurried to declare himself bankrupt.
The situation took a completely unexpected turn for the company from Cupertino, so the rupture of relations with GT Advanced was only a matter of time.
As reported by The Wall Street Journal, Apple and GT Advanced prepared and submitted to the court documents, which are intended to be the official point in the partnership companies. In particular, the documents carefully describes the process by which way companies will disperse without mutual claims.
Under the new agreement, GT Advanced will be entitled to sell more than 2,000 sapphire furnaces. Part of the funds will be transferred to Apple as repayment of the loan of $ 440 million, which the manufacturer took from Cupertino to purchase equipment. In addition, GT Advanced continue to waive any claims against Apple.
However, all of these documents have yet to be reviewed and approved by the court. Bankruptcy process GT Advanced definitely take some time. In the coming weeks will be laid off 727 workers factory in Arizona, and then sell out and equipment. Production created in collaboration with Apple, will be finally phased out by 31 December.
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