Apple and GT Advanced reach deal to settle remaining $439 million loan debt

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Apple and its former sapphire supplier, GT Advanced, have reached a deal to clear the the latter of the $439 million it owes the tech giant following its bankruptcy filing last year. Under the terms of the deal, reported by The Wall Street Journal GT Advanced will hold an auction on November 23 to sell off some of the equipment that was intended to be used in sapphire glass production:

“While GT intends to hang on to some of the equipment—as many as 600 sapphire-making furnaces—it is prepared to auction what it can and abandon what it can’t cart off, court papers say.

Anything not sold will be handed over to Apple, which has agreed to scrap the equipment and extinguish the loan it made to transform GT from an equipment manufacturer into a supplier of smartphone-screen material.”

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