Apple was surprised by GT Advanced bankruptcy
Apple was caught off-guard by GT Advanced Technologies' announcement that they plan to file for Chapter 11 bankruptcy, according to a report published today in Reuters.
In the iPhone maker's first public response, it said it was working with Arizona officials on its next moves.
"We are focused on preserving jobs in Arizona following GT's surprising decision and we will continue to work with state and local officials as we consider our next steps," spokesman Chris Gaither said.
According to the Wall Street Journal, GT Advanced Technologies ran into financial trouble when Apple opted not to pay the company a $139 million loan installment it had coming in October. Under the terms of Apple's contract with GT Advanced Technologies, installment payments would only be doled out when certain operational and quality control metrics were met. That said, specific details regarding what type of milestones GT Advanced missed, at this point, remain unclear.
