GT Advanced Technologies Inc., which is trying to emerge from bankruptcy after losing its deal to supply scratch-resistant smartphone screens to Apple Inc., said yesterday that it was reducing its workforce by 40 percent in a bid to cut costs, MarketWatch.com reported yesterday. The company, which had already laid off nearly 700 workers at a former Arizona sapphire-manufacturing facility, said that the further cuts will save it $20 million a year and help it “right size” its costs after exiting chapter 11, according to court papers. A group of GT Advanced bondholders put up $95 million to fund the company’s bankruptcy restructuring. The company is using the cash to fund a revised plan that calls for the ex-Apple supplier to return to its roots of making industrial and solar equipment. A downsized GT Advanced still hopes to exit chapter 11 early next year.
