A bankruptcy judge approved GT Advanced's plan to exit chapter 11 protection, closing the book on the New Hampshire's manufacturer's case that began with a disastrous run-in with smartphone giant Apple Inc., Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Henry J. Boroff on Tuesday signed off on GT Advanced’s exit from bankruptcy, which was triggered by the collapse of a supply deal with Apple Inc. Tapped as a supplier of scratch- and shatter-resistant sapphire screen material for Apple's smartphones, GT Advanced piled on debt and transformed its business operation. Apple rejected the material GT Advanced produced, for reasons that were disputed. GT Advanced resorted to bankruptcy in October 2014 to repair its tattered finances. The company is returning to its roots as a manufacturer of industrial equipment. It reached a settlement with Apple that resolves the smartphone giant's claim to be owed $439 million due to the failed sapphire supply venture.
