Apple Supplier Unexpectedly Files for Bankruptcy, Surprising Even Apple
Last week, Apple supplier GT Advanced Technologies Inc filed for bankruptcy in a move that shocked even Apple, which had planned to depend on GT Advanced for scratch-resistant sapphire screen technology for all future Apple devices.
According to the Wall Street Journal, GT Advanced's bankruptcy filing was met with shock from its investors, creditors and partners alike -- even Apple itself remarked that the filing was "a surprising decision" in a statement.
The bankruptcy comes as such a shock due to the fact that GT Advanced made a bond payment and promised a business update just a week before the bankruptcy was filed. In August, GT Advanced executives stated they predicted the company would have $400 million in the bank at the end of the year.
Even more bizarre is the fact that GT Adva...