GT Advanced Technologies reports $15m July loss
Bankruptcy filing reveals firm’s latest financial picture
GT Advanced Technologies lost another $15 million in July, according to a filing submitted in bankruptcy court last week.
But in the same month, the bankrupt Merrimack-based company had received the proceeds from a $95 million debtor in possession loan, meaning the company had $126 million in cash on Aug. 1.
The bad news is that GTAT has a $92.4 million liability on the books, in addition to what it owes bondholders and the $439 million it owes to tech giant Apple. Shareholders now hold a negative equity of $310 million.
Meanwhile, the bankruptcy process slowly moves forward. The official committee for unsecured creditors backed a motion to extend yet again a deadline, from Oct. 15 to Dec. 14, to come up with its own Chapter 11 reorganization plan because it approved of the company’s recent move of replacing Thomas Gutierrez, the CEO that led it to bankruptcy, with David Keck and with the layoff of 40 percent of its workforce.
One thing GTAT apparently won’t have one thing to worry about is an appeal over a denial of administrative claim of $15,000 by PC Connection, another publicly traded company located in Merrimack. The claim has been settled, according to a filing. The stipulation still has to be approved by the bankruptcy court and doesn’t resolve an unresolved unsecured claim of $211,000.