Tera Xtal Technology Remains Positive About Retaining GTAT Compensation

News Source: 

Taiwanese sapphire manufacturer Tera Xtal Technology remained upbeat about claiming payment from the bankrupt U.S.-based MOCVD manufacturer GT Advanced Technology (GTAT), according to a UDN report. Tera Xtal held a press conference on Wednesday under Taiwan’s Gretai Securities Market request to explain to investors the impact from GTAT’s bankruptcy filing.

The International Centre for Dispute Resolution (ICDR), an arm of the American Arbitration Association (AAA) rule GTAT should return payment totaling US $24.29 million for faulty Advanced Sapphire Furnaces (ASF) delivered to the Taiwanese manufacturer.

GTAT has repaid $7 million so far, but without warning filed for bankruptcy protection under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Hampshire on Oct. 6, 2014. To continue business operations, GTAT filed for bankruptcy protection under chapter 11 instead of chapter 7 that would have resulted in the company’s liquidation.

GTAT plans to continue business operations under its restructure plan because they will continue strategic relations with clients, and there is still room for creditors to negotiate payment methods, said Tera Xtel, adding the company is considering all types of payment solutions, and remains optimistic about reclaiming the payment.

Disclaimers of Warranties
1. The website does not warrant the following:
1.1 The services from the website meets your requirement;
1.2 The accuracy, completeness, or timeliness of the service;
1.3 The accuracy, reliability of conclusions drawn from using the service;
1.4 The accuracy, completeness, or timeliness, or security of any information that you download from the website
2. The services provided by the website is intended for your reference only. The website shall be not be responsible for investment decisions, damages, or other losses resulting from use of the website or the information contained therein<
Proprietary Rights
You may not reproduce, modify, create derivative works from, display, perform, publish, distribute, disseminate, broadcast or circulate to any third party, any materials contained on the services without the express prior written consent of the website or its legal owner.
Display devices have been used for many years as a means of HMI (Human Machine Interface) to connect humans and machines interactively, and their usage are still expanding. Automotive interiors are no exception to this trend, with an increasing ... READ MORE
About LiDAR Automotive industry trends In recent years, many vehicles have been launched with ADAS (Advanced Driver Assistance Systems) as standard equipment. As the future evolves towards more automated driving, sensing around the vehicle i... READ MORE