Apple Objects to GTAT Financing Plan

Apple is objecting to bankrupt GT Advanced Technologies (GTAT) financing plans, saying the terms would undermine the settlement the two companies reached last year, reported Re/code.

GTAT aims to restructure by raising $95 million loan agreement under the supervision of the U.S. Bankruptcy Court for New Hampshire, reported Apple Insider. Yet, the financing plan is dependent on the amount of insurance money the company receives to repair its damaged sapphire furnaces, after a fire broke out at the former Mesa, Arizona facility in May 2015.

Apple is concerned with certain provisions of the loan related to the May fire at the Arizona facility, which could give lenders too much leverage to foreclose on the furnaces. The Cupertino Company argued GTAT had indicated the damage was minimal.

Some GTAT investors have questioned why the company was asking for more finances after it announced bankruptcy in October 2014.

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