{"id":503,"date":"2014-10-13T23:51:22","date_gmt":"2014-10-14T05:51:22","guid":{"rendered":"http:\/\/www.onecle.com\/blog\/?p=503"},"modified":"2014-10-13T23:51:22","modified_gmt":"2014-10-14T05:51:22","slug":"apple-and-gt-advanced-technologies-contract","status":"publish","type":"post","link":"https:\/\/www.onecle.com\/blog\/2014\/10\/13\/apple-and-gt-advanced-technologies-contract\/","title":{"rendered":"Apple and GT Advanced Technologies Contracts"},"content":{"rendered":"<p>Last week, <a href=\"http:\/\/contracts.onecle.com\/alpha\/8205.shtml\">GT Advanced Technologies Inc.<\/a>, a company formerly known as <a href=\"http:\/\/contracts.onecle.com\/alpha\/7978.shtml\">GT Solar International, Inc.<\/a>, filed for bankruptcy under Chapter 11 of the US bankruptcy code. The company is seeking a reorganization and will continue to operate their business.<\/p>\n<p>On October 31, 2013, GTAT Corporation had entered into a <a href=\"http:\/\/contracts.onecle.com\/gt-advanced-technologies\/apple-prepayment-2013-10-13.shtml\">prepayment agreement<\/a> with Apple Inc. Under the agreement, Apple had agreed to make a prepayment of $578 million in advance for the purchase of sapphire goods under the <a href=\"http:\/\/contracts.onecle.com\/gt-advanced-technologies\/apple-dev-2013-10-31.shtml\">Master Development and Supply Agreement<\/a> and the <a href=\"http:\/\/contracts.onecle.com\/gt-advanced-technologies\/apple-dev-work-2013-10-31.shtml\">Statement of Work<\/a>. GTAT had already received three installments of $440 million so far.<\/p>\n<p>Pursuant to paragraph 6 of the prepayment agreement, Apple may demand repayment of the entire prepayment balance if GTAT is subject to an insolvency proceeding. This will be stayed as a result of the bankruptcy filing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last week, GT Advanced Technologies Inc., a company formerly known as GT Solar International, Inc., filed for bankruptcy under Chapter 11 of the US bankruptcy code. The company is seeking a reorganization and will continue to operate their business. On October 31, 2013, GTAT Corporation had entered into a prepayment agreement with Apple Inc. Under [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23],"tags":[],"class_list":["post-503","post","type-post","status-publish","format-standard","hentry","category-technology"],"jetpack_featured_media_url":"","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.onecle.com\/blog\/wp-json\/wp\/v2\/posts\/503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.onecle.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.onecle.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.onecle.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.onecle.com\/blog\/wp-json\/wp\/v2\/comments?post=503"}],"version-history":[{"count":0,"href":"https:\/\/www.onecle.com\/blog\/wp-json\/wp\/v2\/posts\/503\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.onecle.com\/blog\/wp-json\/wp\/v2\/media?parent=503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.onecle.com\/blog\/wp-json\/wp\/v2\/categories?post=503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.onecle.com\/blog\/wp-json\/wp\/v2\/tags?post=503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}