GT Advanced to Request to Wind Down Sapphire Operations
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GT Advanced Technologies Inc. plunged more than 17 percent in after-hours trading after a judge told the bankrupt Apple Inc. supplier to immediately file its motion to shut down synthetic sapphire production.
U.S. Bankruptcy Judge Henry Boroff’s order followed a request by GT Advanced to file certain documents under seal. It had requested the secrecy to avoid violations of confidentiality agreements that it said could have cost it millions of dollars in damages. Boroff said the company can keep the details of its dealings with Apple confidential and gave GT Advanced permission to file documents under seal that outline its liquidity crisis.