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GT Advanced looking to ‘wind down’ operations

Sapphire crystal maker GT Advanced Technologies has asked the court’s permission to “wind down” operations at its manufacturing plant, less than a year after announcing a high-profile deal to supply the material to Apple, according to re/code (http://tinyurl.com/opcqz89).

U.S. Bankruptcy Judge Henry Boroff set a hearing for Oct. 15 in Springfield, Mass., to consider the motion. Earlier this week GT, Apple’s partner in a sapphire production facility in Arizona, together with certain of its direct and indirect subsidiaries (collectively, GT), commenced voluntary cases under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Hampshire.

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