GT Advanced Technologies Inc. yesterday revealed that it intends to wind down sapphire production, cutting short its once-promising bid to supply the scratch-resistant material for Apple Inc's iPhones and other mobile devices, Reuters reported today. Scant information has emerged since GT Advanced filed unexpectedly for bankruptcy on Monday, wiping out most of its market value and triggering speculation as to what may have soured its Apple relationship and torpedoed its prospects. At the first public hearing since Monday's filing, lawyers for GT Advanced argued that it could not reveal why it sought bankruptcy and asked a court to keep crucial documents sealed, a highly unusual move that may keep investors in the dark for now about its financial implosion. A lawyer for the company said a confidentiality agreement prevented it from revealing its chapter 11 reorganization plan. Apple, which zealously guards the secrecy of its product pipeline, has been known in general to place strict confidentiality requirements on its many suppliers.
