Partner James S. Carr was quoted in the Daily Bankruptcy Review article “GT Advanced Wins Approval Of Its Settlement With Apple.” The article discusses GT Advanced Technologies Inc.’s approved settlement from bankruptcy court with Apple Inc., preventing potential litigation against GTAT for failing to produce shatter-resistant sapphire screens for the tech giant’s products. GTAT’s official committee of unsecured creditors and bondholders’ opposition to the initial agreement caused Apple to give the bankrupt company a larger share of the sales, four years to sell the equipment, and a rent-free facility to wrap up the failed venture. The settlement is a real win as creditors worried whether GTAT 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, attorney for the official committee of unsecured creditors.

Daily Bankruptcy Review References Partner James S. Carr on GT Advanced Technologies Winning Approval of its Settlement with Apple from Bankruptcy Court