Bankrupt GT Advanced Technologies Inc. won approval of a settlement with Apple Inc., preventing costly litigation by granting the iPhone maker $439 million in claims against furnaces at a synthetic sapphire plant, Bloomberg News reported yesterday. Bankruptcy Judge Henry Boroff said at a hearing yesterday that he would sign an order approving a revised settlement agreement. During a break in the hearing, GT Advanced and Apple made changes addressing concerns the judge raised. Judge Boroff previously said yesterday that he was concerned about terms of the settlement giving Apple the immediate right to foreclose on Merrimack, N.H.-based GT Advanced’s assets in some circumstances. Under the revised accord, if GT Advanced is still in chapter 11, Apple will file a notice of non-payment and intent to foreclose with the court before acting.
