Having labored through a tough number of years, GTAT has struck a deal that will see it emerge from bankruptcy. The company has secured $80 million in what it describes as "exit financing", which will allow the company to continue trading with a "solid balance sheet."
"Our emergence from Chapter 11 marks the start of a new chapter for our company," said David Keck, GTATs President and Chief Executive Officer. "With our strengthened financial flexibility, we will focus on our industry leading capabilities in the solar and sapphire markets."
It was initially reported that the company had secured $100 million in new investment after revised bankruptcy documents revealed it was seeking to pay its lenders a $2 million fee and expenses.
GTAT's financial woes largely stem from a deal signed with Apple, to supply the computing giant with sapphire glass, which went sour. GTAT was left with a large amount of unused sapphire production equipment.
In the solar space, GTAT is hoping to see its Merlin metallization and cell interconnection technology adopted more widely in the market. The busbarless solution can deliver 3% to 5% silver reductions and module power increases.
GTAT's new investors have not been revealed, but the company reports that it has come from a group of financial sponsors that manage $30 billion in assets.
"Our emergence would not have been possible without the support of our financial sponsors, whose willingness to invest in the company demonstrates their confidence in GTATs prospects for long-term growth and value creation," added Keck. "We are also grateful to our customers and suppliers who have been critical to our success throughout this process."
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