bankruptcy

GTAT outlines settlement with Apple

GTAT outlines settlement with Apple

Sapphire glass; you want it, Apple wants it, but their partner couldn’t deliver. In the long, slow burn that is GT Advanced, there are very few winners. Hundreds out of work, GTAT is now in bankruptcy court, and Apple is left searching for another Sapphire partner, which probably delays the material seeing your phone (and could delay the Apple Watch). Apple and GTAT have settled their business relationship, which is now available for all to view. Save for one small redaction, we get a bit of insight about GTAT biting off more than it could chew.

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Apple looking to keep Sapphire hopes alive

Apple looking to keep Sapphire hopes alive

The Apple and GT Advanced partnership might be dead, but the Sapphire plant in Arizona could still live on. Apple is reportedly seeking a way to keep the plant alive, possibly even producing Sapphire glass as planned. Though GT won’t be involved, Apple is reportedly looking into how they can reap benefits from their sizable investment. GT, which owns the equipment and is selling it off to pay Apple back the $439 million paid via a loan in their partnership agreement.

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Apple, GT Advanced officially part ways

Apple, GT Advanced officially part ways

After a protracted relationship that churned out no physical product from their famed Arizona facility, GT Advanced and Apple have parted ways. The separation is said to be amicable, and comes on the heels of GT’s bankruptcy and subsequent bashing of their deal with Apple. Calling the arrangement “oppressive”, GT failed to meet thresholds for getting the facility up and running, which led Apple to hold back payments in their $500 million deal. Now, GT Advanced will need to sell off equipment to pay Apple.

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GT Advanced may soon be clear of that $50 million Apple penalty

GT Advanced may soon be clear of that $50 million Apple penalty

Last week, it was discovered that Apple held a $50 million knife to the throat of their supply partners regarding leaked info. Should a partner be found guilty of leaking info, or allowing info to leak about current or future Apple products, they were subject to that penalty. In the bankruptcy filing of GT Advanced, Apple’s now former Sapphire glass partner, some things have to be discussed to satisfy the court, but might violate that penalty clause with Apple. GT Advanced now says they’re working with Apple to figure out what can and can’t be said in the proceedings.

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Apple to the rescue: GT closing Arizona Sapphire plant

Apple to the rescue: GT closing Arizona Sapphire plant

GT Advanced, who was (yeah, was) partnering with Apple on Sapphire displays for products, is shuttering their Arizona facility. They’re also shutting down a plant in Massachusetts. The move to shut down the two operations will cost roughly 890 people to be out of work. After recently filing for Bankruptcy, it was expected GT would make some changes, but nobody outside their board room expected them to do an about-face and shutter the Arizona plant, which they have in partnership with Apple.

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Fisker Karma fate goes from worse to worst with bankruptcy

Fisker Karma fate goes from worse to worst with bankruptcy

Fisker, the company behind the Karma hybrid sports car, filed for Chapter 11 bankruptcy this weekend. The company hasn't had very good luck these past few years. The company originally set out to make green cars sexy, but it has been floundering for the better part of two years due to car fires, faulty batteries, design flaws, missed milestones set by the US government, a terrible Consumer Reports Review, and Hurricane Sandy. See, no luck.

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THQ corporate offices closing doors today

THQ corporate offices closing doors today

After a whirlwind week that saw many of THQ's studios and properties auctioned off to other publishers, the company is closing the doors at its corporate offices and Vigil Games today. IGN has gotten its hands on a memo that was sent out to employees today, asking them to clear out their desks. Some employees will stay on to assist with THQ's transition to its new owners, but the ones who received this memo are serving their final day with the company.

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