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GT Advanced pursuing sale of sapphire furnaces to pay off debt to Apple

Guest Joseph Keller

By Guest Joseph Keller
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Guest Joseph Keller

Guest Joseph Keller

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GT Advanced Technologies is currently looking to sell its sapphire furnaces. The company expects to get at least $500,000 for each furnace, and a portion of the proceeds of each sale will go to Apple, which loaned GT Advanced money to buy the furnaces in the first place. From Reuters:

 

The furnaces were installed to make sapphire glass for Apple, which loaned GT Advanced $439 million for the project.

 

The sale of the sapphire furnaces was part of GT Advance's bankruptcy settlement. Under the terms of their settlement, GT has four years to pay off its debt to Apple.

 

Source: Reuters

 

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