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Report says Apple withheld $139 million payment to sapphire partner GT Advanced

<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/report-says-apple-withheld-139-million-payment-sapphire-partner-gt-advanced' title="Report says Apple withheld $139 million payment to sapphire partner GT Advanced"><img src='http://www.imore.com/sites/imore.com/files/styles/large_wm_brw/public/field/image/2014/10/macro_iphone_5s_6_plus_touch_id.jpg?itok=Xi4a8YeL' />[/url]</p> <p>GT Advanced (http://www.imore.com/tag/gt-advanced) had surprised everyone when it filed for bankruptcy protection (http://www.imore.com/apples-sapphire-crystal-supply-source-gt-advanced-files-chapter-11-bankruptcy) Monday, and now we are learning a few more details about the company's financials. Although at one point a rising star in the tech world with its sapphire (http://www.imore.com/tag/sapphire-crystal) manufacturing business, GT Advanced's reliance on a single customer, Apple, may have made it vulnerable.</p> <!--break--> <p>GT Advanced had spent $248 million in cash in one quarter and the Wall Street Journal (http://online.wsj.com/articles/shattered-screen-dreams-at-gt-advanced-heard-on-the-street-1412714363) reported that Apple had withheld the last $139 million payment, though it's unclear as to why:</p>

<p>That may have led to the company's filing, since its cash, at $85 million, was below a $125 million trigger point that would allow Apple to demand repayment of about $440 million in loans it had advanced. Apple had agreed to lend GT a total of $578 million to help get a large sapphire factory in Arizona up and running. The tech giant reportedly withheld the last $139 million payment it was due to make, although it isn't clear why.</p>

<p>Do you think GT Advanced should have opened up to other partners of its technology rather than banking on Apple?</p> <p>Source: WSJ (http://online.wsj.com/articles/shattered-screen-dreams-at-gt-advanced-heard-on-the-street-1412714363)</p> </div></div></div><div id="comment-wrapper-nid-27524"></div><img width='1' height='1' src='http://tipb.com.feedsportal.com/c/33998/f/616881/s/3f37ea34/sc/21/mf.gif' border='0'/><br clear='all'/>

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Source: Report says Apple withheld $139 million payment to sapphire partner GT Advanced (http://feedproxy.google.com/~r/TheIphoneBlog/~3/kMv_umLDeOQ/story01.htm)