Apple Supplier GT Advanced Technologies in Bankruptcy

4697192856_0f3a541688_qGT Advanced Technologies supplies Apple with the scratch-resistant sapphire glass used in many of its products. While they seemed to be in a great position to many investors, the company surprised the world by applying for bankruptcy this week. GT Advanced Technologies had borrowed $350 million from Apple to build up its sapphire manufacturing facility, however, their production only resulted in $31 million in revenue in the first half of 2014–far less than the company had expected to earn. As the relationship between the two companies continues to deteriorate, bankruptcy became the only option.

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Image credit: scobleizer