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$1.5 Billion Market Cap Supplier Of Apple Sapphire Glass Just Filed For Bankruptcy

But...but...but... it's an AAPL-derivative play, what could go wrong? The supplier of Apple's oh-so-magnificent Sapphire Glass, GT Advanced Technologies, just filed for bankruptcy...

  • *GT ADVANCED TECHNOLOGIES & UNITS FILE  CHAPTER 11
  • *GT ADVANCED TECHNOLOGIES LISTS DEBT OF MORE THAN $1 BLN
  • *GT ADVANCED HAS ABOUT $85M OF CASH ON BALANCE SHEET
  • *GT ADVANCED PLANS TO OBTAIN DEBTOR-IN-POSSESSION FINANCING

Do not worry though, the CEO seems very pleased, noting "GT has a strong and fundamentally sound underlying business." Perhaps the reason for his optimism is the massive insider-selling that has occurred in the last few months... For once the shorts (45.7% of float) were right.

The CEO is optimistic...

"GT has a strong and fundamentally sound underlying business," said Tom Gutierrez, president and chief executive officer of GT.

 

"Today's filing does not mean we are going out of business; rather, it provides us with the opportunity to continue to execute our business plan on a stronger footing, maintain operations of our diversified business, and improve our balance sheet.

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Perhaps the wholesale dumping of the stock in the last few months by mamagement explains his upbeat perspective...

 

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Full brankruptcy filing below:

GT Advanced Technologies Bankruptcy Filing by zerohedge