GT Advanced is laying off 40 % of its labor force as it works out the terms of a $$ 95 million bankruptcy restructuring strategy, according to The Wall Street Journal. The cuts will make it possible for the former Apple supplier to save $$ 20 million annually as it plannings to emerge from Chapter 11 bankruptcy in the United States.
The report claims GT Advanced had about 1,000 workers when it submitted for bankruptcy last October after its sapphire crystal deal with Apple fell through. The company currently laid off some 700 workers at a Mesa, Arizona producing center that Apple plans to repurpose as a $$ 2 billion international information center.
GT Advanced is reportedly committed to moving its focus back to manufacturing commercial and solar equipment.A group of GT Advanced bondholders installed $ 95 million to fund the business $’s bankruptcy restructuring. The company is making use of the cash to money a revised strategy that requires the ex-Apple supplier to return to its roots of making industrial and solar equipment.While sapphire crystal rumors were extensive last year, Apple eventually used ion-strengthened glass on the iPhone 6 and iPhone 6 Plus. [source]