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  • Former Apple Sapphire Supplier, GT Advanced, Looking to Cut 40% of its Work Force


    In an effort to reduce expenses when it comes out of its Chapter 11 bankruptcy status, the former Apple supplier, GT Advanced Technologies, is looking to cut roughly 40% of its remaining workforce according to bankruptcy court documents that were filed recently. The exact number of people that are being let go remains uncertain according to The Wall Street Journal but the company did however have roughly 1,000 workers when it declared bankruptcy in October 2014, when it laid off over 700 people at the Mesa, Arizona plant that it operated with Apple.

    The move to cut 40% of its work force should help save the company roughly $20 million annually. GTs bondholders have put roughly $95 million to help fund restructuring. This restructuring is to ultimately help the company return to making various types of solar and industrial equipment. With all being said and done, there still appear to be several issues that remain unsettled, such as whether the intercompany loan obligations can be classified as equity contributions as opposed to regular debt. Another issue was the ownership of over $30 million in tax refunds as well as net operating losses.

    To help address the situation, GT layers have been asking to extend the deadline for an exclusive Chapter 11 plan to October 15. If this isnt granted other parties will be able to submit their own ideas well. GT is looking to emerge from its Chapter 11 in early 2016 but well have to see if this pans out for the company.

    Source: The Wall Street Journal
    This article was originally published in forum thread: Former Apple Sapphire Supplier, GT Advanced, Looking to Cut 40% of its Work Force started by Akshay Masand View original post