GT Advanced Creditors Seek Apple Executive for “Short, Half-Day Deposition”
Creditors of the bankrupt GT Advanced have a set of questions for Apple’s Senior Vice President of Operations Jeff Williams. Apparently, he played a crucial role in orchestrating the settlement between the two parties.
Apple’s position is obvious: it declined to comment to the Wall Street Journal and also declined to include a “short, half-day deposition” as requested by the creditors, the Monday filing with the US Bankruptcy Court in New Hampshire reveals.
”Based on documents produced by Apple, it is clear that Williams played an important, substantial and hands-on role in managing the relationship between GTAT and Apple in connection with the matters that are directly relevant to the Apple settlement motion,” the creditors said in the filing.
You may recall that last month GT’s official committee of unsecured creditors were granted access to sealed documents that were part of the agreement both Apple and GT Advanced will sign later this month. The documents will put an end to their soured relationship.
The GT Advanced name appeared out of the blue last year as Apple’s sapphire partner when it secured a $578 million financing from the iPhone maker. The amount was aimed to transform the company from an equipment maker to a sapphire manufacturer.
We all know how the story ended. This month, however, the two parties will put an end to the story by signing an agreement, but bondholders and unsecured creditors have their reasons to eventually challenge the agreement before it is signed, because that means they will lose any potential grounds for legal action.