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='
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GT Advanced had surprised everyone when it filed for
bankruptcy protection 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 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 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</p> </div></div></div><div id="comment-wrapper-nid-27524"></div><img width='1' height='1' src='
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Source:
Report says Apple withheld $139 million payment to sapphire partner GT Advanced
