GT Advanced Technologies surprised everyone, including Connecticut residents and GT's business partner, tech conglomerate Apple, when they filed for Chapter 11 bankruptcy this month. The company is Apple's supplier for sapphire glass, a hard, scratch-resistant glass that Apple uses for its watch screens. Sapphire glass has proved to be very successful, and Apple signed a $578 million dollar deal last year with GT to produce the glass.
Apple was aware that GT suffered some money issues and agreed to loan the company the $578 million in advance. Apple was paying its loan installments, even if GT had not met its required technical milestones. However, Apple withheld the last payment, citing this failure to meet milestones, and GT filed for bankruptcy shortly after.