Regrettably, Apple's sapphire partner GT Advanced Technologies has some financial issues to sort through.

News broke early Monday that the company has filed for Chapter 11 bankruptcy protection.

GT indicated in a news release that it is now seeking debtor-in-possession financing, which, once obtained, "would provide the company with an immediate source of additional funds."

As of the end of September, the company retained some $85 million in cash.

Understandably, the firm's executives confirm, NASDAQ may "temporarily halt trading" in the company's stock until additional information on the company's financial condition is provided.

"GT has a strong and fundamentally sound underlying business," said Tom Gutierrez, CEO of GT. However, the boss says this doesn't mean his company is going under or out of business.

"Rather," he continues in today's announcement, "it provides us with the opportunity to continue to execute our business plan on a stronger footing, maintain operations of our diversified business, and improve our balance sheet."

To read the full announcement, click here.

Source: GT Advanced Technologies