GT Advanced has reached a new deal with Apple to address the payback of a $439 million loan it obtained from the company to start sapphire production, reports the WSJ.The settlement provides for an auction by Nov. 23 of equipment that GT provided in the effort, the proceeds of which will be divided, GT said in papers filed on Monday in the U.S. Bankruptcy Court in New Hampshire. While GT intends to hang on to some of the equipment—as many as 600 sapphire-making furnaces—it is prepared to auction what it can and abandon what it can’t cart off, court papers say.Any equipment that GT Advanced is not able to sell will be turned over to Apple. The company will then ‘extinguish the loan’ it provided to GT.Share Article:Facebook,   Twitter,   LinkedIn,   Google Plus,   Email,   Reddit,   Digg,   Delicious,   StumbleUponFollow iClarified:Facebook,   Twitter,   LinkedIn,   Google Plus,   Newsletter,   App Store,   YouTubeAdvertise Here

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