December 15, 2014
Partner James S. Carr is quoted in the Bloomberg article “GT Advanced Gets Court Approval of Revised Apple Accord.” The article discusses bankrupt GT Advanced Technologies Inc. winning approval of a settlement with Apple Inc. in which GTAT will have four years to pay the tech giant $439 million, preventing costly litigation. The primary source of payment will be from the sales of GTAT’s furnaces that were planned to produce sapphire scratch resistant screens for Apple products. If the furnaces are sold quickly, there is an early payment discount of as much as $47.5 million, according to Mr. Carr, attorney for GTAT’s unsecured creditors’ committee.
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