GT Advanced Technologies files for chapter 11 bankruptcy

first_imgGT Advanced Technologies files for chapter 11 bankruptcyGT’s surprise bankruptcy filing follows on news that Apple will not use its sapphire screens for the iPhone 6. Like all major PV equipment makers, GT has also suffered from the severe three-year downturn in equipment spending. October 6, 2014 Christian Roselund Legal Manufacturing Markets Markets & Policy Share GT Advanced Technologies and seven subsidiaries including Advanced CZ LLC filed for bankruptcy protection today. Under the chapter 11 filing the company will be allowed to restructure, and GT says that it will continue business as usual while developing a reorganization plan.The shock filing follows news in September that Apple will make its own screens for the iPhone 6 instead of using GT’s sapphire screens, which prompted an estimated 35% drop in stock prices. GT’s Sapphire products are being used for the iPhone 6 camera and the Apple Watch, and the company still holds a US$578 million, multi-year supply contract with Apple from November 2013.“It does seem to be related very closely to the Apple deal that never was,” notes GTM Research Lead Upstream Analyst Shyam Mehta. “Solar has been tough for the last few years, but it wasn’t the straw that broke the camel’s back.”GT says that it is currently seeking debtor-in-possession financing to secure immediate funds. The company says that along with the US$85 million in cash that it currently holds, it will be able to continue to pay wages on time as well as meeting other obligations.This current cash position is a far cry from the $333 million that GT reported at the end of the second quarter, and the company declined to comment on this. The company has invested heavily in a new sapphire facility in Arizona related to the Apple deal, including cash prepayments of $103 million in the second quarter of 2014.Popular content Enabling aluminum in batteries Mark Hutchins 27 April 2021 pv-magazine.com Scientists in South Korea and the UK demonstrated a new cathode material for an aluminum-ion battery, which achieved impressive results in both speci… ITRPV: Large formats are here to stay Mark Hutchins 29 April 2021 pv-magazine.com The 2021 edition of the International Technology Roadmap for Photovoltaics (ITRPV) was published today by German engineering association VDMA. 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Cracking the case for solid state batteries pv magazine 29 April 2021 pv-magazine-australia.com Scientists in the UK used the latest imaging techniques to visualize and understand the process of dendrite formation an… 123456Leave a Reply Cancel replyPlease be mindful of our community standards.Your email address will not be published. Required fields are marked *CommentName * Email * Website Save my name, email, and website in this browser for the next time I comment. By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. 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British Land appoints new directors

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Serena Williams turns ankle in US Open victory

first_imgTennis Serena Williams was in pain – “acceptable” pain, her coach called it – after rolling her right ankle during the second set of a US Open victory. That was the bad news. On a day that defending men’s champion Novak Djokovic pulled out of his match because of a problematic left shoulder, the good news for Williams (pictured) as she pursues a seventh championship at Flushing Meadows and 24th Grand Slam singles title overall is that, while she reached the quarterfinals by beating No. 22 seed Petra Martic 6-3, 6-4 despite the ankle issue, No. 2 Ash Barty and No. 3 Karolina Pliskova both exited her side of the bracket Sunday. Not that Williams seemed to care all that much about being one of only three of the top 12 seeded women who will still be around Monday. ‘’I can’t afford to look at it that way. Every single match I have played, people come and they play their best. The women that I play are not generally playing at this level against other players in the locker room, so for me, I have to be the greatest, whether it’s against the second seed, the No. 1 seed, or the No. 80th player in the world,’’ said Williams, who faces No. 18 Wang Qiang next. “I have to show up or else I’m going to go home.” Williams, who turns 38 this month, appeared to be cruising along to a straightforward victory when she took an awkward step while up at the net for a volley. She tumbled to the ground and sat there, cross-legged, right in the middle of Arthur Ashe Stadium for a few moments. Williams has dealt with various health issues all season, including one that ended her stay at the Australian Open. Still, Martic thought Williams’ play might actually have improved the rest of the way. “She started going for even more, I think. She felt like maybe she couldn’t move that well anymore,’’ Martic said. Her shots were really precise. Serve was unbelievable. And when she hits those backhands and those first serves that well, it’s not easy to play against her.” Williams ended things by raising both arms after smacking an ace at 118 mph, her fastest of the afternoon, punctuating an overpowering performance that included 38 winners to Martic’s 11. ‘’I didn’t know what to expect from her ball. I knew she (hits it) hard,’’ Martic said, ‘’but until you feel it on your own racket, you just don’t know what to expect.’’ The scene Sunday brought back memories of Williams’ Australian Open quarterfinal in January against Pliskova. Williams was way ahead – holding a match point at 5-1, 40-30 in the third set – when she turned her left ankle awkwardly. From there, Williams was no longer, well, Williams, dropping every point she served the rest of the way. She failed to convert four match points in all that day, ceded six games in a row and lost 7-5 in the third. That time, Williams didn’t call for a trainer, which surprised many. Didn’t make that mistake this time. And a couple of hours later, she was walking without any apparent hitch in her step. Williams has not managed to complete a non-Slam tournament in 2019, withdrawing from each with one ailment or another, including a viral illness, a hurt left knee and, most recently, back spasms. – APlast_img read more

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