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GT Advanced 'on the cusp' of settlement with Apple

Still from GT Advanced Technologies video
Source: GT Advanced Technologies | YouTube
Still from GT Advanced Technologies video

A lawyer for Apple supplier GT Advanced Technologies told a bankruptcy court on Tuesday the specialty glass maker was near a settlement with the iPhone maker over access to information.

Scant information has emerged since GT Advanced filed for bankruptcy on Oct. 6, wiping out most of its market value and triggering speculation about what may have soured its Apple relationship and torpedoed its prospects.

GT Advanced noted that a strict confidentiality agreement with Apple required the company to file reasons for the bankruptcy with the court in secret. Violation of this agreement carries fines of $50 million per infraction.

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Regulators and creditors are pushing for more transparency.

Judge Henry Boroff voiced skepticism over GT's secrecy requests and instructed Apple to provide him with a list of which elements of the filings are sensitive.

"I've got a foot-high stack of documents, and it can't be that it all must be sealed," Boroff said.

The parties claim to be on the cusp of a consensual global settlement and will require an extension to allow for continued discussions.

Both Apple and GT Advanced do not expect that they will require another extension. GT believes that granting such relief is in the best interest of both the creditors and the estates.

Apple shares were up more than two percent.

--Reuters contributed to this report.