On Monday, Apple's partner in the production of sapphire glass, GT Technologies, declared Chapter 11 Bankruptcy. This means that the company can still operate its business and reorganize while under protection from its creditors. GT ran into trouble after running through $248 million in a single quarter. When Apple agreed to partner with GT, it fronted the company $578 million to get the synthetic sapphire plant up and running in Mesa, Arizona.Apple ended up giving GT a bit under $440 million, and GT was in danger of having to repay it all back right away. The company's cash balance was ...
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