Sapphire Supplier GT Advanced Shocks With Bankruptcy Filing

Swetha Gopinath, reporting for Reuters:

GT Advanced Technologies Inc, Apple Inc’s partner in a sapphire glass plant in Arizona, filed for bankruptcy on Monday in a stunning turn of events for a company whose fortunes looked bright only a few months ago.

The stock fell more than 90 percent to 75 cents, wiping out nearly all of its $1.5 billion market worth. GT was worth more than $2.8 billion in early July on hopes of its scratch-resistant sapphire glass being a part of the new iPhones.

“It’s unbelievable.… I don’t think anyone expected this,” said Dennis Dick, a proprietary trader at Bright Trading LLC in Las Vegas.

Apology accepted, Captain Needa.

★ Monday, 6 October 2014