The New Hampshire company that fell into bankruptcy following a failed deal with Apple Inc. is asking to pay millions in bonuses to its senior executives, the Wall Street Journal reported today. GT Advanced Technologies Inc. says it needs to keep the identities of those in line for bonuses secret to keep its business from being damaged. Less than a year after announcing it would transform itself from a solar-power and sapphire-producing-equipment maker to a maker of smartphone screen material for Apple, GT filed for chapter 11 protection, blaming Apple. Apple has denied it was responsible for GT’s collapse. Pay enhancement is necessary to motivate “the key drivers” in GT’s bid to restore its business in bankruptcy, lawyers said. Court filings outlining the bonus proposal say that GT’s stock, once a major component of executive compensation, is no longer good for motivating performance by company leaders.
