In what has become the most shocking bankruptcy filing of the year yet, the case filed by GT Advanced Technologies Inc (NASDAQ: GTAT) has come under fire yet again, this time by the State of New Hampshire. This week, the State of New Hampshire, together with the trustee company responsible for handling the matters of GT Advanced Technologies Inc (NASDAQ: GTAT), has asked the manufacturing company to disclose publicly reasons for its filing of Chapter 11 protection, as well as details of its main transactions with its corporate customer, Apple Inc. (NASDAQ: AAPL)
This request comes just a week after GT Advanced Technologies Inc (NASDAQ: GTAT) filed for bankruptcy in a court of law. According to the filing papers, GT Advanced Technologies Inc (NASDAQ: GTAT) blamed Apple Inc. (NASDAQ: AAPL) for putting “oppressive” and “unrealistic” demands on the company, which, it claims, has resulted in terrible financial backlash for the company, and has caused the closure of its plants in Mesa, Massachusetts, Salem, as well as Arizona.
When asked to provide more information regarding its dealings with Apple Inc. (NASDAQ: AAPL), GT Advanced Technologies Inc (NASDAQ: GTAT) has hinted at legal constraints, citing a confidentiality agreement signed with Apple Inc. as reason for its non-disclosure. It is a widely known fact that Apple Inc. (NASDAQ: AAPL) is strict when it comes to confidentiality. According to GT Advanced Technologies Inc (NASDAQ: GTAT), the confidentiality agreement it has entered into with Apple Inc. (NASDAQ: AAPL) has the power to inflict a fine of $50 million on the company in case of violation, a cost the already bankrupt company simply cannot incur.
GT Advanced Technologies Inc (NASDAQ: GTAT) and Apple Inc. (NASDAQ: AAPL) entered into a contract worth $578 million last November for the development of synthetic Sapphire screens for its new iPhone and Apple Watch technologies due to release this year. However, the company failed to deliver the technology in time, which has resulted in the new iPhone 6 being released without a Sapphire screen. According to Apple, this failure to deliver is the reason it stopped the final payment of $139 million to GT Advanced Technologies Inc (NASDAQ: GTAT), the reason for GTAT’s bankruptcy.
However, GT Advanced Technologies Inc (NASDAQ: GTAT) maintains the blame on Apple Inc. (NASDAQ: AAPL), stating non-payment as reason for the delays and eventual stoppage of the development of the synthetic Sapphire technology. According to GT Advanced Technologies Inc (NASDAQ: GTAT), considering the “burdensome” requirements posed by Apple Inc. (NASDAQ: AAPL) in the development of the Sapphire technology, stoppage of funds has proved to be lethal to its operations.
The U.S. Trustee, the segment of the Justice Department responsible for bankruptcy filings, has urged a judge to order GT Advanced Technologies Inc (NASDAQ: GTAT) to disclose all the information relevant to the case. According to the U.S. Trustee, it is absolutely imperative that the public be let in the dealings of GT Advanced Technologies Inc (NASDAQ: GTAT) which may affect their interests, which “is essential to fostering confidence among creditors and parties in interest regarding the fundamental fairness of the bankruptcy system.”
This disclosure of additional information, according to the U.S. Trustee, will result in better understanding of GTAT’s bankruptcy, which has angered a lot of stakeholders. In August of this year, GTAT (NASDAQ: GTAT) released statements stating the almost completion of the Sapphire project, which built up a lot of confidence among shareholders of the company. Stocks skyrocketed on the stock exchange, as people anticipated rapid growth for the company. Additional disclosure will sift through the details, and will investigate whether the company mislead shareholders.
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