GT Advanced Technologies Inc. faced off in a formidable battle against Apple and recently won approval of a settlement, according to Bloomberg.
GT Advanced is a parts supplier for Apple and is dealing with bankruptcy. However, the company was able to prevent further costly litigation after U.S. Bankruptcy Judge Henry Boroff decided Monday to grant $439 million in claims against furnaces at a synthetic sapphire plant, Bloomberg reports.
GT Advanced filed for bankruptcy in October, less than a year after announcing an agreement to supply Apple with synthetic sapphire, which is used to strengthen screens in mobile devices. The latest iPhone didn’t include GT Advanced’s product.
During a break in the hearing, both Apple and GTA Advanced took the judge’s advice and made changes addressing concerns that were raised.
The settlement frees GT Advanced from some exclusivity agreements with Apple. GT Advanced will also have control of its sapphire-making patents.
There’s also a Valley connection. The settlement also allows GT Advanced to “retain ownership and sales rights for more than 2,000 production furnaces in Mesa, Arizona,” Bloomberg says.