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Apple's Sapphire Supplier Files for Bankruptcy under Chapter 11

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Surprising twist of events:
It was recently reported that Brian Blair from Rosenblatt Securities had stated that Apple Watch's production was once again experiencing a setback. While it was initially believed that Apple Watch would enter mass production in November, the analyst noted that it was beginning to look more like January. While news today states that Apple Watch chipsets are being ordered by Apple, there could be some minor disruption with Apple's sapphire glass production with the surprising announcement earlier this morning that their partner GT Advanced Technologies has filed for protection under chapter 11 in bankruptcy court.


GT Advanced Technologies begins their Press release by stating that they expect to continue business as usual. It goes on to state that "GT Advanced Technologies Inc., announced today that it had, together with certain of its direct and indirect subsidiaries (collectively, GT), commenced voluntary cases under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Hampshire. GT expects the court will authorize the company to continue to conduct business as usual while it devotes renewed efforts to resolve its current issues and develops a reorganization plan."


Apple isn't likely to respond publicly to this development, yet knowing Tim Cook's expertise in supply chain management, Apple likely has a solid backup plan in the wings should GT's problems interfere with the production of the sapphire glass required for the new Apple Watch. For now GT's stock is down 87% and counting.




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