GT Advanced Technologies Completes Financial Restructuring, Emerges from Chapter 11
GT Advanced Technologies Inc. (GTAT) recently announced that it has emerged from Chapter 11 as a newly reorganized company. GTAT and its affiliated debtors have emerged with a solid balance sheet and renewed strategy focused on growth in the solar and sapphire industries.
“Our emergence from Chapter 11 marks the start of a new chapter for our company,” said David Keck, president and CEO. “Through this process, we have resolved the issues which led to our decision to seek bankruptcy court protection. With our strengthened financial flexibility, we will focus on our industry leading capabilities in the solar and sapphire markets. Our emergence would not have been possible without the support of our financial sponsors, whose willingness to invest in the company demonstrates their confidence in GTAT's prospects for long-term growth and value creation. I want to thank our employees who have worked tirelessly in achieving our successful restructuring. We are also grateful to our customers and suppliers who have been critical to our success throughout this process. We believe GTAT is well positioned for the future and we are excited about our market opportunities.”
For more information, visit www.gtat.com.