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GT Advanced COO blames Apple for bankruptcy in detailed court declaration
In a Chapter 11 bankruptcy filing for GT Advanced Technologies, the company's chief operating officer Daniel Squiller gave some explanation in a Supplemental Declaration to provide information about what went wrong in the deal that would have GTAT produce sapphire for Apple. Citing changes in specs later in the negotiation period leading to higher than anticipated manufacturing costs, an obligation to produce solely for Apple whereas Apple doesn't have to buy any of the sapphire produced by GTAT, and GTAT's inability to take control of the fabrication process from Apple, Squiller said that GTAT had no other choice but to file for bankruptcy.
Full story from the iMore Blog...
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