GT Advanced Technologies, supplier of sapphire glass for Apple, files for bankruptcy

image GT Advanced

Leading up to the launch of the iPhone 6 and iPhone 6 Plus, rumors of sapphire glass being one of the main selling points to the devices were heavy. Now, though, Apple’s sapphire glass partner has announced they are filing for bankruptcy.

GT Advanced Technologies has officially released a press release announcing their plans to file for bankruptcy under Chapter 11, which means that the company will be allowed to continue operations as they normally would, as they work out issues with creditors. As noted by the press release, as of September 29, 2014, the company had approximately $85 million in cash.

“GT has a strong and fundamentally sound underlying business,” said Tom Gutierrez, president and chief executive officer of GT. “Today’s filing does not mean we are going out of business; rather, it provides us with the opportunity to continue to execute our business plan on a stronger footing, maintain operations of our diversified business, and improve our balance sheet.

While the company is not going out of business, and operations should continue moving forward, it is unclear what this means for Apple. As it stands right now, the Cupertino-based company utilizes sapphire glass in the iPhone 6 and iPhone 6 Plus for the camera cover, as well as over the Touch ID sensor on the Home button. Apple also intends to use sapphire glass on the Apple Watch.

You can read the full press release through the source link below.

[via GT Advanced]