GT Advanced Must Reveal Bankruptcy Cause, Watchdog Says
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New Hampshire and the U.S. Justice Department want to know why GT Advanced Technologies Inc. filed for bankruptcy, just 10 months after announcing a multiyear supply agreement with Apple Inc.
GT Advanced stunned investors last week with the Chapter 11 filing, without a reason. The company explained the secrecy by citing potential penalties of $50 million for each violation of confidentiality agreements with Apple. Those accords broadly preclude GT Advanced from disclosing details of its business with Apple “except to the extent required by law,” according to court papers filed last week.