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GT Advanced pursuing sale of sapphire furnaces to pay off debt to Apple

<div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"><p><a href='http://www.imore.com/gt-advanced-pursuing-sale-sapphire-furnaces-pay-apple' title="GT Advanced pursuing sale of sapphire furnaces to pay off debt to Apple"><img src='http://www.imore.com/sites/imore.com/files/styles/large_wm_blw/public/field/image/2014/12/touchid-iphone6-black-hero.jpg?itok=diiTdQRY' />[/url]</p> <p>GT Advanced Technologies (http://www.imore.com/tag/gt-advanced) is currently looking to sell its sapphire furnaces. The company expects to get at least $500,000 for each furnace, and a portion of the proceeds of each sale will go to Apple, which loaned GT Advanced money to buy the furnaces in the first place.<!--break--> From Reuters (http://www.reuters.com/article/2014/12/23/us-gt-advanced-tech-bankruptcy-apple-idUSKBN0K11PY20141223?feedType=RSS&amp;feedName=technologyNews):</p>

<p>The furnaces were installed to make sapphire glass for Apple, which loaned GT Advanced $439 million for the project.</p>

<p>The sale of the sapphire furnaces was part of GT Advance's bankruptcy settlement (http://www.imore.com/gt-advanced-settlement-apple-gains-court-approval). Under the terms of their settlement, GT has four years to pay off its debt to Apple.</p> <p>Source: Reuters (http://www.reuters.com/article/2014/12/23/us-gt-advanced-tech-bankruptcy-apple-idUSKBN0K11PY20141223?feedType=RSS&amp;feedName=technologyNews)</p> </div></div></div><div id="comment-wrapper-nid-29103"></div><img width='1' height='1' src='http://tipb.com.feedsportal.com/c/33998/f/616881/s/41ba303d/sc/30/mf.gif' border='0'/><br clear='all'/>

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Source: GT Advanced pursuing sale of sapphire furnaces to pay off debt to Apple (http://feedproxy.google.com/~r/TheIphoneBlog/~3/eVgjP-7ZH7w/story01.htm)