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