Meyer Burger reaches settlement agreement with GT Advanced Technologies

Share

Meyer Burger Technology has reached a settlement agreement with bankrupt U.S. firm GT Advanced Technologies Inc. (GTAT), which had placed significant orders with the Swiss engineering group before filing for Chapter 11 last year.

Under the agreement, GTAT recognizes the validity of Meyer Burger’s claim amounting to $34.8 million. GTAT also agrees to confirm ownership of the Meyer Burger equipment which it agreed to purchase, including Diamond Wire cutting systems, spare parts and diamond wire related consumables.

GTAT filed for Chapter 11 protection under U.S. bankruptcy code in October after a major sapphire deal with Apple Inc. went south, leaving Meyer Burger sitting on a large number of machines ready for delivery as well as diamond wire materials, which the company wrote off. Reporting its 20014 financial results in March, the company said the GTAT bankruptcy took a toll on its bottom line.

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.