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GTAT Says it’s Close to Resolving Apple Dispute

10PX. Patently Xtra
A Deal in the making:
This morning Bloomberg reported from a court filing that GT Advanced Technologies has asked the court to allow Apple to have until noon Eastern time today to file additional documents because the two companies are "on the cusp of a consensual global settlement' and that 'such relief is in the best interests of creditors and the estates." UPDATE 4:10 PM MST: Apple and GTAT reach amicable agreement.


Luc Despins, an attorney for GT Advanced, told the bankruptcy court in Massachusetts today that – we are "optimistic that in the next hour or so we will have a signed settlement agreement with Apple" that will resolve many of the issues to be addressed at today's hearing."



Obviously it's taking a little longer, as nothing on this matter has surfaced as of yet. To review the court document, click here.




UPDTATE 4:07 PM MST: GT Advanced Technologies attorney says a consensual accord with Apple has been reached. The lawyer calls it an "amicable parting of ways." The accord will save millions of dollars and solve most issues.


The lawyer also stated that Apple will be paid once the furnaces in Arizona are sold. There's one confidentiality accord that remains and no claims against Apple will be made. The company will also be able to wind down operations and pay incentives to certain employees. 


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