December 15, 2014
Partner James S. Carr is quoted in The Wall Street Journal article “Bankruptcy Court Approves GT Advanced Settlement With Apple.” The article discusses GT Advanced Technologies Inc.’s success receiving approval of a settlement with Apple from bankruptcy court. The revised terms in the approved settlement protect GTAT from potential litigation for failing to produce sapphire screens for Apple, give a larger share of the sales, and allow the bankrupt company more time to pay off the debt in a rent-free, giant Mesa, Arizona facility to wrap up the operation. GTAT creditors scrutinized the settlement to ensure they were not trading valuable damage claims against Apple for too little. The creditors worried whether GT Advanced would be able to find financing and keep its business alive while battling Apple in lawsuits that would be “difficult to prove,” says Mr. Carr, lawyer for the official committee of unsecured creditors.
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