UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 13, 2015
GT Advanced Technologies Inc.
(Exact name of registrant as specified in its charter)
Delaware |
001-34133 |
03-0606749 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
| 243 Daniel Webster Highway Merrimack, New Hampshire 03054 |
| (Address of principal executive offices) |
(603) 883-5200
(Registrant's telephone number, including area code)
________________________________________________________________________________
(Former name or former address, if changed since last report)
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |
||
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Item 8.01. Other Events.
As previously disclosed in a Current Report on Form 8-K filed by GT Advanced Technologies Inc. (the "Company"), on October 6, 2014, the Company and certain of its subsidiaries (collectively, the "Debtors") filed voluntary petitions in the United States Bankruptcy Court for the District of New Hampshire (the "Bankruptcy Court") for reorganization relief under the provisions of Chapter 11 of Title 11 of the United States Code. The Debtors' Chapter 11 cases (the "Chapter 11 Cases") are being jointly administered under the caption In re GT Advanced Technologies Inc., et al, Case No. 14-11916-HJB.
On November 13, 2015 the Company issued a press release announcing that, subject to the Bankruptcy Court's approval of a related settlement agreement (filed as Exhibit 10.1 to the Company's Form 8-K dated November 9, 2015), the Company will be conducting an auction of certain of its ASF sapphire growth furnaces located in Mesa, Arizona, as well as units located in Hong Kong. A copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
99.1
Press Release dated November 13, 2015.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GT Advanced Technologies Inc. |
||
| Date: November 13, 2015 | By: | /s/ HOIL KIM Hoil Kim Vice President, Chief Administrative Officer and General Counsel |
EXHIBIT INDEX
|
Exhibit No. |
Description |
|
99.1 |
Press Release dated November 13, 2015. |
EXHIBIT 99.1
MERRIMACK, N.H., Nov. 13, 2015 (GLOBE NEWSWIRE) -- GT Advanced Technologies Inc. (OTC:GTATQ), today announced that, on November 22-23, 2015, it will conduct an auction of certain of its ASF sapphire growth furnaces currently located in Mesa, Arizona, as well as a number of new furnaces in Hong Kong.
GT will retain the intellectual property related to the ASFs as well as the key personnel necessary to support the installation and commissioning of the units purchased in the auction. GT will provide such installation and commissioning services on terms to be agreed with the buyers of the ASF units. "We will remain active in the sapphire equipment business and look forward to better market conditions in the future as the users of sapphire in the consumer electronics and other industries innovate applications for the material," said David Keck, CEO of GT.
The related settlement agreement, which provides for the auction, is subject to approval by the U.S. Bankruptcy Court for the District of New Hampshire at a hearing scheduled for November 19, 2015. The full text of the settlement agreement was filed with the company's Form 8-K dated November 9, 2015.
Further details regarding the auction can be found at http://www.bidindustrial.com.
Forward-Looking Statements
Some of the information in this press release relates to future expectations, plans and prospects for the Company's business and industry that constitute "forward-looking statements" for the purposes of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursue," "target," "continue," the negative of such terms or other comparable terminology. Forward-looking statements include, but are not limited to the following: GT will conduct an auction of certain of its ASF sapphire growth furnaces currently located in Mesa, as well as a number of new furnaces in Hong Kong; and "We will remain active in the sapphire equipment business and look forward to better market conditions in the future as the users of sapphire in the consumer electronics and other industries innovate applications for the material". These forward-looking statements are not a guarantee of performance and these statements involve certain risks and uncertainties that may be beyond the Company's control and may cause actual future results to differ materially from our current expectations. The Company's ability to benefit from the settlement agreement and continue operating in the sapphire business may depend on the approval of the settlement agreement by the Bankruptcy Court and the availability of buyers willing to purchase the ASF sapphire growth furnaces at prices satisfactory to the Company. Other factors that may cause actual events to differ materially from those expressed or implied by the forward-looking statements and various other risks are outlined in the Company's filings with the Securities and Exchange Commission, including (but not limited to) the statements under the heading "Risk Factors" in the Company's Quarterly Report on Form 10-Q for the quarter ended June 28, 2014 and the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013. Statements in this press release should be evaluated in light of these important factors. The statements in this press release represent GT Advanced Technologies Inc.'s expectations and beliefs as of the date of this press release. GT Advanced Technologies Inc. anticipates that subsequent events and developments may cause these expectations and beliefs to change. GT Advanced Technologies Inc. is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
CONTACT: Allison Pellegrino
allison.pellegrino@gtat.com
+1-603-681-3910