Apple and GTAT Stick to Settlement after Unsealing of Documents

Apple and GT Advanced Technology (GTAT) settlement was unaffected by the publication of documents previously considered confidential, according to a Bloomberg report.

Sapphire supplier GTAT filed for bankruptcy protection on Oct. 6, 2014, but refused to reveal reasons behind the bankruptcy filing, due to confidential agreements previously signed with Apple.

U.S. Bankruptcy Judge Henry Boroff has repeatedly requested for unsealing and publicizing of documents throughout the case. A move which drove Apple and GTAT to revise the settlement terms so secrecy would be unnecessary.

“Both parties have agreed to waive the condition that GT’s Oct. 8 declaration be kept under seal and expunged,” GTAT said in a statement.

GTAT will need to sell 1,738 sapphire furnaces out of the 2,036 furnaces to repay Apple the US $439 million loan, noted a Forbes report. The sapphire furnaces are valued at $200,000 to $290,000 based on the company’s 8-K filing on Nov. 4, 2014.

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