Merrimack, N.H.-based GT Advanced Technologies Inc. (GTAT) has filed for Chapter 11 bankruptcy in New Hampshire.
The company manufactures crystal growth equipment for the consumer electronics, power electronics, solar and LED industries.
GTAT says it expects the court will authorize the company to continue to conduct business as usual, while it devotes renewed efforts to resolve its current issues and develops a reorganization plan.
GTAT says it will be able to satisfy the customary obligations associated with the daily operation of its business, including the timely payment of employee wages and other obligations.
‘We are convinced that the rehabilitative process of Chapter 11 is the best way to reorganize, protect our company and provide a path to our future success,’ says Tom Gutierrez, president and CEO of GTAT. ‘We plan to continue to operate as a technology leader across our core set of businesses.’
Additional information, including access to court documents, can be accessed at the court-appointed claims agent site, here.
