GT Advanced Technology Inc (GTATQ.PK), which struck an agreement with erstwhile partner Apple Inc (AAPL.O) last week that allowed it to proceed with its bankruptcy, said the iPhone maker had threatened to seek damages of more than $1 billion against the company. Former stock market darling GT Advanced, once set to become the main supplier of scratch-resistant sapphire to Apple, surprised markets when it filed for Chapter 11 earlier this month. It failed to meet performance targets set out in its supply agreement with Apple, setting the stage for its failure, according to court filings. GT Advanced said in a court filing late on Monday that it needed to settle with the iPhone maker to avert a costly legal battle it might not win.
via Business News http://finance.yahoo.com/news/gt-advanced-sought-avoid-costly-181250132.html
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