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Monday, December 15, 2014

GT Advanced Tech modifies bankruptcy deal with Apple, (NASDAQ: AAPL)

GT Advanced Technologies Inc modified its bankruptcy settlement with former partner Apple Inc to produce more near-term cash and winning the support of key creditors, a lawyer for the sapphire maker told a court on Monday. The new terms should boost liquidity to finance GT Advanced's return to selling sapphire furnaces, GT's lawyer, Luc Despins, told a U.S. Bankruptcy Court.The Merrimack, New Hampshire-based company abandoned the furnace business in 2013 when it agreed to begin supplying Apple with scratch-resistant sapphire material for iPhone screens. But Apple then turned to a different material for the screen of its iPhone 6 model.GT Advanced, which invested heavily into increasing production of sapphire materials for Apple, blamed the supply agreement for forcing it into bankruptcy in October, a move that shocked investors and sent its stock plummeting more than 90 percent to under $1 before NASDAQ suspended the shares.The stock, which is now traded over the counter, shot 30 percent higher on Monday to 36 cents per share after news of the modified bankruptcy deal.

Apple Inc. (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. Shares of AAPL fell by 0.84% or $-0.92/share to $108.81. In the past year, the shares have traded as low as $70.51 and as high as $119.75. On average, 53867400 shares of AAPL exchange hands on a given day and today's volume is recorded at 53715084.