0001445305-14-005438.txt : 20141209 0001445305-14-005438.hdr.sgml : 20141209 20141209172300 ACCESSION NUMBER: 0001445305-14-005438 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20141203 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20141209 DATE AS OF CHANGE: 20141209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GT Advanced Technologies Inc. CENTRAL INDEX KEY: 0001394954 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 030606749 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34133 FILM NUMBER: 141275883 BUSINESS ADDRESS: STREET 1: 243 DANIEL WEBSTER HIGHWAY CITY: MERRIMACK STATE: NH ZIP: 03054 BUSINESS PHONE: (603)883-5200 MAIL ADDRESS: STREET 1: 243 DANIEL WEBSTER HIGHWAY CITY: MERRIMACK STATE: NH ZIP: 03054 FORMER COMPANY: FORMER CONFORMED NAME: GT Solar International, Inc. DATE OF NAME CHANGE: 20070330 8-K 1 gtatdec20148k.htm 8-K GTAT Dec 2014 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): December 3, 2014
 
GT ADVANCED TECHNOLOGIES INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
 

Delaware
 (State or other jurisdiction of
incorporation)
 
001-34133
(Commission File Number)
 
03-0606749
 (IRS Employer Identification No.)
 


243 Daniel Webster Highway
Merrimack, New Hampshire 03054
(Address of Principal Executive Offices, including Zip Code)
 
(603) 883-5200
(Registrant’s Telephone Number, Including Area Code)
  

 
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):


 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Item 7.01. Regulation FD Disclosure.
As previously disclosed in the 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 are being jointly administered under the caption In re GT Advanced Technologies Inc., et al, Case No. 14-11916 (HJB). Further information about the bankruptcy process is available at the Claims Agent’s website at www.kccllc.net/gtat.
On December 3, 2014, the Debtors filed their monthly operating report for the period from October 6, 2014 to November 1, 2014, with the exception of the Statements of Operations which cover the five week period ended November 1, 2014 (the “Monthly Operating Report”) with the Bankruptcy Court. The Monthly Operating Report is “furnished” with this Current Report on Form 8-K (this “Current Report”) as Exhibit 99.1. The Monthly Operating Report does not reflect certain of the Company’s subsidiaries that are not Debtors.
This Current Report (including the exhibit hereto and any information included therein) shall not be deemed an admission as to the materiality of any information required to be disclosed solely by reason of Regulation FD. The information contained in this Current Report, including the exhibit hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Cautionary Statement Regarding Financial and Operating Data
The Monthly Operating Report pertains only to the Debtors (and thus does not represent operations of all of the Company’s subsidiaries), and contains unaudited financial information which has not been reviewed by independent accountants. The financial information related to the Debtors included in the Monthly Operating Report has been prepared to conform with the monthly reporting requirements of the Office of the U.S. Trustee. The Monthly Operating Report was not prepared and is not presented in accordance with generally accepted accounting principles in the United States (“GAAP”) or Securities and Exchange Commission (the “SEC”) regulations applicable to financial statements contained in annual or quarterly reports filed with the SEC. Preparation of the Debtors’ financial statements in accordance with GAAP could result in material reconciliations and adjustments to certain financial information presented in the Monthly Operating Report.
The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The Monthly Operating Report covers periods that are shorter than those that are required in the Company’s reports pursuant to the Exchange Act, and contains information that may not be indicative of the Company’s financial condition or operating results for the period that would be reflected in the Company’s financial statements or in its reports filed pursuant to the Exchange Act. The Monthly Operating Report is therefore not comparable with those filings. There can be no assurance that, from the perspective of an investor or potential investor in the Company’s securities, that the Monthly Operating Report is complete. While every effort has been made to assure the accuracy and completeness of the Monthly Operating Report, errors or omissions may have inadvertently occurred and the Company reserves the right to amend the Monthly Operating Report as necessary.
Cautionary Statement Regarding Forward-Looking Statements
Results set forth in the Monthly Operating Report should not be viewed as indicative of future results. Such information also may not be indicative of the financial condition or operating results of the Company and its subsidiaries on a consolidated basis for the periods reflected in the Company’s financial statements or in its reports pursuant to the Exchange Act, or of future results.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
 
Description
 
 
 
99.1
 
Monthly Operating Report for the period from October 6, 2014 to November 1, 2014








SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 


 
GT ADVANCED TECHNOLOGIES INC.
 
 
 
 
 
/s/ Hoil Kim
Date: December 9, 2014
By:
Hoil Kim
 
Its:
Vice President, Chief Administrative Officer,
 
 
General Counsel and Secretary




 EX-99.1 2 gtat-octobermor.htm EXHIBIT Exhibit 99.1 MOR

Exhibit 99.1
 
UNITED STATES BANKRUPTCY COURT
 
 
DISTRICT OF NEW HAMPSHIRE
 
In Re:
 
Chapter 11
GT ADVANCED TECHNOLOGIES., et. al.,
 
Case No. 14-11916 (HJB)
Debtors [1]
 
Jointly Administered
 
 
 

Monthly Operating Report
For the Period of October 6, 2014 to November 1, 2014 [2] 

DEBTORS' ADDRESS:     243 Daniel Webster Highway
Merrimack, NH 03054

DEBTORS' ATTORNEYS: PAUL HASTINGS LLP Park Avenue Tower
75 East 55th Street, First Floor
New York, New York 10022
Telephone: (212) 318-6000
Facsimile: (212) 319-4090
Luc A. Despins, Esq. Andrew V. Tenzer, Esq. James T. Grogan, Esq.


This Monthly Operating Report ("MOR") has been prepared solely for the purposes of complying with the monthly reporting requirements applicable in these Chapter 11 cases and is in a format that the Debtors believe is acceptable to the United States Trustee. The financial information contained herein is limited in scope and covers a limited time period. Moreover, such information is preliminary and unaudited, and is not prepared in accordance with accounting principles generally accepted in the United States ("GAAP").

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.


    
/s/ Kanwardev Raja Singh Bal
 
December 3, 2014
Kanwardev Raja Singh Bal
 
Date
Vice President and Chief Financial Officer
 
 

Notes:
[1] The Debtors, along with the last four digits of each debtor's tax identification number, as applicable, are: GT Advanced Technologies Inc. (6749), GTAT Corporation (1760), GT Advanced Equipment Holding LLC (8329), GT Equipment Holdings, Inc. (0040), Lindbergh Acquisition Corp. (5073), GT Sapphire Systems Holding LLC (4417), GT Advanced Cz LLC (9815), GT Sapphire Systems Group LLC (5126), and GT Advanced Technologies Limited (1721). The Debtors' corporate headquarters are located at 243 Daniel Webster Highway, Merrimack, NH 03054.
[2] The Statements of Operations (MOR-3) covers a modified period to coincide with the Debtor' standard reporting period.



UNITED STATES BANKRUPTCY COURT DISTRICT OF NEW HAMPSHIRE

In re    GT ADVANCED TECHNOLOGIES INC. et al., 
Case No.
14-11916

 
Period reporting
   10/6/14-11/1/14


MONTHLY OPERATING REPORT


Submit copy of report to any official committee appointed in the case

REQUIRED DOCUMENTS

Form No.
Document
Attached
Explanation
Attached
Monthly Reporting Questionnaire
MOR-1
Yes
No
Schedule of Cash Receipts and Disbursements
MOR-2
Yes
No
Bank Account Reconciliation
MOR-2 (Cont)
Yes
No
Copies of Debtor's Bank Reconciliations
 
No
No
Copies of Debtor's Bank Statements
 
No
No
Copies of Cash Disbursements Journals
 
No
No
Statement of Operations
MOR-3
Yes
No
Balance Sheet
MOR-4
Yes
No
Schedule of Post-Petition Liabilities
MOR-5
Yes
No
Copies of IRS Form 6123 or payment receipt
 
No
No
Copies of tax returns filed during reporting period
 
No
No
Detailed listing of aged accounts payables
 
No
No
Accounts Receivable Reconciliation and Aging
MOR-6
Yes
No
 




GT ADVANCED TECHNOLOGIES INC. et al.,
Case No.
14-11916
Debtor
Reporting Period
10/6/14 - 11/1/14

MONTHLY REPORTING QUESTIONNAIRE

Must be completed each month
 
Yes
No
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.
 
 
ü
2. Have any funds been disbursed from any account other than a debtor-in-possession account this reporting period? If yes, provide an explanation below.
 
 
ü
3. Have any payments been made on pre-petition debt, other than payments in the normal course to secured creditors or lessors? If yes, attach listing including date of payment, amount of payment, and name of payee.
 
ü
 
4. Have any payments been made to professionals? If yes, attach listing including date of payment, amount of payment, and name of payee.
 
 
ü
5. If the answer to question 3 and/or 4 is yes, were all such payments approved by the Court?
 
ü
 
6. Have any payments been made to officers, insiders, shareholders, or relatives? If yes, attach listing including date of payment, amount and reason for payment, and name of payee.
 
ü
 
7. Have all postpetition tax returns been timely filed? If no, provide an explanation below.
 
ü
 
8. Is the estate current on the payment of post-petition taxes?
 
ü
 
9. Is the estate insured for the replacement cost of assets and for general liability? If no, provide an explanation below.
 
ü
 
10. Is workers' compensation insurance in effect?
 
ü
 
11. Have all current insurance payments been made? Attach copies of all new and renewed insurance policies.
 
ü
 
12. Are a plan and disclosure statement on file?
 
 
ü
13. Was there any post-petition borrowing during this reporting period?
 
 
ü
 
 
 
 
Explanations:
 
 
 
See attached schedules for numbers 3 and 6.






GT ADVANCED TECHNOLOGIES INC. et al.,
Case No.
14-11916
Debtor
Reporting Period
10/6/14 - 11/1/14

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS [1]



Case No.


Case Name
Bank Cash
Receipts [2]
Bank Cash
Disbursements [3]
Inter-Debtor
Transfers
14-11916
GT Advanced Technologies Inc.
$ -
$ -
$ -
14-11917
GT Equipment Holdings, Inc.
-

-

-
14-11919
GTAT Corporation
1,559,830

(9,850,818)

(2,800,000)
14-11920
GT Advanced Technologies Limited
239,435

(1,191,765)

2,000,000
14-11922
Lindbergh Acquisition Corp.
-

(19)

-
14-11923
GT Sapphire Systems Group LLC
744,667

(843,405)

800,000
14-11924
GT Sapphire Systems Holding LLC
-

-

-
14-11925
GT Advanced CZ LLC
3,917

(532)

-
14-11929
GT Advanced Equipment Holding LLC
-

(1,009)

-
 
 
 
 
 
 
Total Debtors
$
2,547,849

$
(11,887,548
)
$ -




DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
Total Disbursements [2]
$
(11,887,548
)
Less: Transfers To Debtor In Possession Accounts
N/A

Plus: Estate Disbursements Made By Outside Sources (I.E. From Escrow Accounts)
N/A

Total Disbursements For Calculating U.S. Trustee Quarterly Fees
$
(11,887,548
)


Notes:
[1] Represents all bank activity among Debtors post filing on October 6, 2014 through the end of the period.
[2] Represents all receipts (excluding intercompany funding activity by and among Debtors).
[3] Represents operating disbursements, restructuring disbursements and bank fees (excluding intercompany funding activity between Debtors).





GT ADVANCED TECHNOLOGIES INC. et al.,
Case No.
14-11916
Debtor
Reporting Period
10/6/14 - 11/1/14

BANK ACCOUNT RECONCILIATIONS [1]

Entity
Bank
Account No. [2]
Description
Ending Bank Balance
GT Advanced Cz LLC
Bank of America
5023
Deposit Account
$
219,609

GT Advanced Cz LLC
Bank of America
6497
Deposit Account
-

GT Advanced Equipment Holding LLC
Bank of America
8144
Deposit Account
19,196

GT Advanced Equipment Holding LLC
Bank of America
3803
Investment Account
-

GT Advanced Technologies Limited
Bank of America US
7350
Deposit Account
349,022

GT Advanced Technologies Limited
Bank of America Hong Kong
2014
Deposit Account
269,714

GT Advanced Technologies Limited
Bank of America Hong Kong
2022
Deposit Account
573,184

GT Advanced Technologies Limited
Bank of America Hong Kong
2030
Deposit Account
-

GT Advanced Technologies Limited
Bank of America Hong Kong
2048
Deposit Account
0

GT Advanced Technologies Limited
Bank of America Hong Kong
2056
Deposit Account
1,811

GT Advanced Technologies Limited
Bank of America Hong Kong
9201
Deposit Account
1,330,350

GT Sapphire Systems Group LLC
Bank of America
7965
Deposit Account
66,694

GT Sapphire Systems Group LLC
Bank of America
9105
Deposit Account
-

GT Sapphire Systems Group LLC
Wells Fargo
2633
Operating Account
728,800

GTAT Corporation
Bank of America
3294
Deposit Account
2,136,147

GTAT Corporation
Bank of America
5002
Deposit Account
177

GTAT Corporation
Bank of America
5254
Investment Account
63,020,022




GTAT Corporation
Bank of America
4718
Investment Account
-

GTAT Corporation
Santander Bank
8960
Money Market Account
0

GTAT Corporation
Bank of America
4487
Deposit Account
-

GTAT Corporation
Bank of America
6508
Utility Account [3]
-

GTAT Corporation d/b/a Crystal Systems
Bank of America
1546
Deposit Account
2,875,213

GTAT Corporation d/b/a Crystal Systems
Bank of America
7590
Deposit Account
0

Lindbergh Acquisition Corp
Bank of America
8343
Deposit Account
75,404

 
 
 
 
 
Total Debtors Bank Cash
 
 
 
$
71,665,342


Notes:
[1] As part of the Debtors monthly close process, all bank accounts have been reconciled to the applicable bank statements without exception. The Debtors were authorized to use these accounts on a postpetition basis pursuant to the final order signed on October 9, 2014 approving use of the existing cash management system, banks and financial institutions to honor and process checks and transfers, continued use of intercompany transactions, and authorizing debtors to use existing bank accounts and existing business forms (Court Docket: #0064).
[2] Last four digits of the account number.
[3] Pursuant to a final order on October 30, 2014, the Company created an account for adequate assurance for utility providers (Court Docket #0388). The initial deposit was transferred from account number 3294 after the period end of this report.




GT ADVANCED TECHNOLOGIES INC. et al.,
Case No.
14-11916
Debtor
Reporting Period
9/28/14-11/1/14


STATEMENT OF OPERATIONS

See Exhibit A.




GT ADVANCED TECHNOLOGIES INC. et al.,
Case No.
14-11916
Debtor
Reporting Period
9/28/14-11/1/14

BALANCE SHEET

See Exhibit A.




GT ADVANCED TECHNOLOGIES INC. et al.,
Case No.
14-11916

Debtor
Reporting Period
10/6/14 - 11/1/14

        

STATUS OF POST-PETITION TAXES [1] [2]

 
Beginning Tax Liability
Amount
Withheld or
Accrued

Amount
Paid

Date
Paid

Check No. or EFT
Ending
Tax
Liability
Federal
Income Tax Withholding
$ -
$
1,049,630

$
(1,049,630
)
Various
Various
$ -

FICA-Employee
-
473,729

(473,729)

Various
Various
-

FICA-Employer
-
461,574

(461,574)

Various
Various
-

Unemployment
-
1,957

(1,957)

Various
Various
-

Income
-
-

-

Various
Various
-

Other:
-
-

-

Various
Various
-

Total Federal Taxes
$ -
$
1,986,890

$
(1,986,890
)
 
 
$ -

State and Local
Income Tax Withholding
$ -
$
232,135

$
(232,135
)
Various
Various
$ -

Sales
-
626

(626)

Various
Various
-

Excise
-
-

-

Various
Various
-

Unemployment
-
10,738

(10,738)

Various
Various
-

Real Property
-
11,246

-

Various
Various
11,246

Personal Property
-
138,320

-

Various
Various
138,320

Other:
-
73,632

(73,632)

Various
Various
-

Total State and Local
$ -
$
466,697

$
(317,131
)
 
 
$
149,566

Withholding for Employee Healthcare [3]
-
-

-

 
 
-

Premiums, Pensions & Other Benefits [3]
-
-

-

 
 
-

Total Taxes
$ -
$
2,453,588

$ (2,304,022)

 
 
$
149,566



SUMMARY OF UNPAID POST-PETITION DEBTS

 
Number of Days Past Due
Current
0-30
31-60
61-90
Over 90
Total
Accounts Payable [4], [5]
$
935,674

$
56,401

$ -
$ -
$ -
$
992,075

Amounts Due to Insiders [6]
-

-

-
-
-
-

Total Postpetition Debts
$
935,674

$
56,401

$ -
$ -
$ -
$
992,075



Notes:
[1] Copies of IRS Form 6123 and all state, local and federal tax forms and returns can be provided to the UST upon request.
[2] This schedule excludes any taxes related to the Hong Kong entity GT Advanced Technologies Limited.
[3] The Company does withhold premiums for various benefit programs but there were no taxes related to these amounts.
[4] Reflects only trade related payables. Aging schedule excludes accruals and unbilled inventory.
[5] As of the filing of this report, the Company has not fully completed the bifurcation of pre and post-petition invoices. As such, aging includes certain prepetition amounts. As of November 1, 2014, all postpetition payables were less then 30 days old.
[6] Solely, for purposes of this monthly operating report, the Debtors define “insiders” to include the following: (a) members of the board of directors of GT Advanced Technologies Inc.; and (b) statutory “officers” under section 16 of the Securities Exchange Act. The Debtors do not take any position with respect to: (a) such person’s influence over the control of the Debtors; (b) the management responsibilities or functions of such individual; (c) the decision-making or corporate authority of such individual; or (d) whether such individual could successfully argue that he or she, at the time of receipt of any transfers, was not an “insider” under applicable law (including for the purposes of section 503(c) of the Bankruptcy Code), including the federal securities laws, or with respect to any theories of liability or for any other purpose.




GT ADVANCED TECHNOLOGIES INC. et al.,
Case No.
14-11916
Debtor
Reporting Period
10/6/14 - 11/1/14

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

Accounts Receivable Reconciliation
Amount

Total Accounts Receivable at the beginning of the reporting period

$ 8,362,039

+ Amounts billed during the period

4,791,206

- Amounts collected during the period (Book Cash Receipts)

(1,901,383)

Total Accounts Receivable at the end of the reporting period

$ 11,251,863

Accounts Receivable Aging
Amount

0 - 30 days old

$ 8,525,927

31 - 60 days old

    509,875

61 - 90 days old

762,301

91+ days old

1,453,759

Total Accounts Receivable

$ 11,251,862

Amount considered uncollectible (Bad Debt)

(1,580,875)

Accounts Receivable (Net)

$ 9,670,988




GT ADVANCED TECHNOLOGIES INC. et al.,
Case No.
14-11916
Debtor
Reporting Period
10/6/14-11/1/14
    
PRE-PETITION DEBT PAYMENTS Monthly Reporting Questionnaire - #3

Entity
Vendor Name
Reference
Date
Amount
GTAT Corp
AMERICAN ESCROW & CLOSING COMPANY
A
10/20/2014
$
21,208

GTAT Corp
ANTHEM BLUE CROSS BLUE SHIELD
A
10/20/2014
39,468

GTAT Corp
ANTHEM BLUE CROSS BLUE SHIELD
A
10/17/2014
111,255

GTAT Corp
NORTHEAST DELTA DENTAL
A
10/20/2014
16,062

GTAT Corp
UNUM LIFE INSURANCE
A
10/20/2014
9,935

GTAT Corp
UNUMPROVIDENT
A
10/20/2014
41

GTAT Corp
VISION SERVICE PLAN INSURANCE CO.
A
10/20/2014
3,543

GTAT Corp
FREGERIO, MATTHEW
A
10/23/2014
445

GTAT Corp
ADP
A
10/13/2014
12,601

GTAT Corp
CONCUR TECHNOLOGIES INC
A
10/13/2014
5,140

GTAT Corp
ETRADE FINANCIAL SERVICES
A
10/13/2014
4,425

GT Sapphire Systems Group LLC
KAISER FOUNDATION HEALTH PLAN
A
10/24/2014
4,976

GT Sapphire Systems Group LLC
STATE BOARD OF EQUALIZATION
B
10/31/2014
644

GT Advanced Technologies Limited
KERRY FREIGHT (HONG KONG) LTD.
C
10/17/2014
103,644

GT Advanced Technologies Limited
KERRY FREIGHT (HONG KONG) LTD.
C
10/17/2014
171,071

 
 
 
 
 
Total
 
 
 
$
504,459


Key:
A
Paid Pursuant to the Final Order Granting Debtors’ Emergency Motion, Pursuant To Bankruptcy Code Sections 105(A), 363(B), 503(B), 507(A)(4), 507(A)(8), And Bankruptcy Rules 6003 And 6004, For Entry Of Order (A) Authorizing Debtors To (I) Pay Certain Employee Compensation And Benefits And (II) Maintain And Continue Such Benefits And Other Employee related Programs And (B) Authorizing And Directing Banks And Financial Institutions To Honor And Process Checks And Transfers Related To Such Obligations. (Docket No. 0095).
B
Paid pursuant to to the final Order, Pursuant to Bankruptcy Code Sections 105(A), 363(B), 541 and 507(A)(8) and Bankruptcy Rules 6003 and 6004, (A) Authorizing Debtors to Pay Prepetition Taxes and Fees and (B) Authorizing and Directing Banks and Financial Institutions to Honor and Process Checks and Transfers Related to Such Obligations. (Docket No. 0069).
C
Paid pursuant to the Interim Order, Pursuant to Bankruptcy Code Sections 105(A) and 363(B) and Bankruptcy Rules 6003 and 6004, (A) Authorizing Debtors’ Payment of Certain Prepetition Shipping and Delivery Charges and (II) Mechanic’s Lien Charges and (B) Authorizing and Directing Banks and Financial Institutions to Honor and Process Checks and Transfers Related to Such Obligations. (Docket No. 103).








GT ADVANCED TECHNOLOGIES INC. et al.,
Case No.
14-11916
Debtor
Reporting Period
10/6/14 - 11/1/14

PAYMENTS TO INSIDERS [1]
Monthly Reporting Questionnaire - #6

Description
Title
Description
Amount
Watson, Noel G
Director
Expenses
$
2,031

Gutierrez, Thomas
President and Chief Executive Officer
Payroll / Expenses
57,159

Bal, Kanwardev R
Vice President and Chief Financial Officer
Payroll / Expenses
25,024

Kim, Hoil
Vice President, Chief Administrative Officer,
General Counsel & Secretary
Payroll / Expenses
31,179

Squiller, Daniel
Chief Operating Officer
Payroll / Expenses
48,324

Ford, Jeffrey
Vice President and General Manager, DSS
Business Development
Payroll / Expenses
37,320

Keck, David
Executive VP, Worldwide Sales and Service
Payroll / Expenses
31,741

 
 
 
 
Total
 
 
$
232,777




Notes:
[1] Solely, for purposes of this monthly operating report, the Debtors define “insiders” to include the following: (a) members of the board of directors of GT Advanced Technologies Inc.; and (b) statutory “officers” under section 16 of the Securities Exchange Act. The Debtors do not take any position with respect to: (a) such person’s influence over the control of the Debtors; (b) the management responsibilities or functions of such individual; (c) the decision-making or corporate authority of such individual; or (d) whether such individual could successfully argue that he or she, at the time of receipt of any transfers, was not an “insider” under applicable law (including for the purposes of section 503(c) of the Bankruptcy Code), including the federal securities laws, or with respect to any theories of liability or for any other purpose.







EXHIBIT A




NOTES AND SPECIFIC
DISCLOSURES REGARDING DEBTORS’
STATEMENTS OF OPERATIONS AND BALANCE SHEET



1. Basis of Presentation

The accompanying consolidated financial statements of the Debtors have been prepared solely for the purpose of complying with the monthly reporting requirements of the U.S. Bankruptcy Court of the District of New Hampshire (referred to herein as the "Monthly Operating Report"). The Monthly Operating Report is limited in scope, covers a limited time period and the schedules contained herein were not audited or reviewed by independent accountants nor are they intended to reconcile to any financial statements otherwise prepared or distributed by the Debtors or any of the Debtors' affiliates. Furthermore, because the Debtors’ accounting systems, policies, and practices were developed with a view to producing consolidated financial reporting on a quarterly basis, rather than by legal entity on a monthly basis, it is possible that not all assets or liabilities have been recorded at the correct legal entity of either the Debtors or the non -Debtor affiliates. The Debtors reserve all rights to supplement or amend any schedules contained in this Monthly Operating Report.

The information presented herein is unaudited, subject to further review and material adjustments, and has not been subject to all procedures that would typically be applied to financial information presented in accordance with Generally Accepted Accounting Principles in the United States of America (“US GAAP”), including, but not limited to, accruals, impairment adjustments, fair value assessments, tax provision, and other recurring adjustments considered necessary by management to fairly state the financial position and results of operations for the interim period(s) presented. As part of this Monthly Operating Report, intangibles, fixed assets and other long lived assets have not been tested for impairment as required pursuant to US GAAP. The results of that testing will likely result in significant asset impairment charges; such charges would be reflected in future Monthly Operating Reports. This Monthly Operating Report does not reflect certain quarter-end and year-end adjustments to assets, liabilities and operating results; such adjustments would be reflected in future Monthly Operating Reports.

As part of their restructuring efforts, the Debtors are reviewing their assets and liabilities on an ongoing basis, including without limitation with respect to intercompany claims and obligations, and nothing contained in this Monthly Operating Report shall constitute a waiver of any of the Debtors’ rights with respect to such assets, liabilities, claims and obligations that may exist.

The Debtors caution readers not to place undue reliance upon the information contained in this Monthly Operating Report. The results herein are not necessarily indicative of results which may be expected from any other period or for the full year and may not necessarily reflect the combined results and financial position of the Debtors in the future.

2. Treatment of Intercompany Transactions

The Monthly Operating Report does not include intercompany balances because the Debtors and their advisors are continuing to review the Debtors’ books and records to determine the accuracy of certain intercompany charges that may be contained in or missing from those books and records. For example, prior to the Petition Date, the parent company, GT Advanced Technologies Inc., did not maintain a ledger of intercompany transactions. Furthermore, the Debtors have not made any determination that tax refunds or attributes are assets or liabilities of a particular Debtor and the Debtors reserve all of their rights on this issue.

Pursuant to the Order, Pursuant to Bankruptcy Code Sections 105(A), 345(B), 363(C)(1), 364(A), 364(B), and 503(B)(1), Bankruptcy Rules 6003 and 6004, (A) Authorizing Debtors to Use Existing Cash Management System, (B) Authorizing and Directing Banks and Financial Institutions to Honor and Process Checks and Transfers, (C) Authorizing Continued Use of Intercompany Transactions, (D) Waiving Requirements of Section 345(B) of Bankruptcy Code and (E) Authorizing Debtors to Use Existing Bank Accounts and Existing Business Forms [Docket No. 64], the Debtors have kept detailed information on all post-Petition Date transfers of cash among the Debtors and such transfers did not amount to more than $2.8 million during the period covered by the Monthly Operating Report.

3. Treatment of Certain Liabilities and GAAP Disclosures

The Monthly Operating Report does not contain all disclosures that would be required for presentation in accordance with US GAAP and there can be no assurance that, from the perspective of an investor or potential investor, the Monthly Operating Report is complete. For instance, as discussed in more detail in the Company's Form 10 -Q filed with the SEC on August 7, 2014:

• The 2017 and 2020 convertible notes with a principal balance of $220M and $214M are recorded at a carrying value of
$177M and $123M, respectively. The amount represented in the liabilities subject to compromise is net of $7M of deferred financing costs. The difference between the carrying value and principal balances reflect fair value adjustments.





NOTES AND SPECIFIC
DISCLOSURES REGARDING DEBTORS’ STATEMENTS OF OPERATIONS AND BALANCE SHEET (cont.)



• The amounts received from Apple under the Prepayment Agreement with a principal balance of $439M are recorded at a carrying value of $359M to reflect fair value adjustments to the prepayment installments received.

• Share-based compensation expenses for employee awards are reflected in the Statement of Operations. Such expenses have been calculated using a methodology consistent with past practice.

For the period commencing on October 6th and thereafter, the company stopped accrued interest on both series of the
Convertible Notes and the Prepayment Amounts until further review of these obligations is completed.

The Debtors’ consolidated financial statements presented herein have been prepared on a going concern basis, which contemplates continuity of operations, realization of assets and liquidation of liabilities in the ordinary course of business. Certain prepetition liabilities have been reclassified as liabilities subject to compromise. Liabilities subject to compromise currently include debt obligations, amounts due to third parties for goods and services received prior to October 6, 2014, (the date of the voluntary bankruptcy petition) and certain known potential settlement claim amounts. The Debtors continue to analyze and reconcile these amounts, and, therefore, the amounts reflected herein are current estimates and subject to material change as additional analysis and decisions are completed.
.




GT ADVANCED TECHNOLOGIES
STATEMENTS OF OPERATIONS
EXCLUDING INTERCOMPANY ACTIVITY FOR THE FIVE WEEKS ENDED NOVEMBER 1, 2014
Case No.
14-11916
14-11919
14-11917
14-11929
14-11922
14-11925
14-11924
14-11923
14-11920
 
 
 

GT Advanced Technologies Inc.

GTAT Corporation

GT Advanced Equipment Holding LLC

GT Advanced Equipment Holding, Inc
      Lindberg
Acquisition Corp

GT Advanced Cz LLC

GT Sapphire Systems Holdings LLC

GT Sapphire Systems Group LLC

GT Advanced Technologies Limited [1]
Non-Debtor Entities
Consolidated
($ in 000's)
 
 
 
 
 
 
 
 
 
 
 
   Revenue
$
$1,964

$

$
$
$

$
$146

$384

$28

$2,523

   Total Cost of revenue
 
57,825

 
 
 
 
 
522

(113
)
76

58,310

Gross (loss) Profit
 
(55,860
)
 
 
 
 
 
(375
)
497

(48
)
(55,787
)
 
 
 
 
 
 
 
 
 
 
 
 
   Research and development
 
3,772

 
 
 
6

 
87

48

 
3,913

   Selling and marketing
 
232

 
 
 
 
 
104

2

(89
)
249

   General and administrative
 
5,546

1

 
 
45

 
84

184

72

5,932

   Contingent consideration (income) expense
 
446

 
 
 
 
 
 
 
 
446

   Restructuring charges and asset impairments
 
976

 
 
 
 
 
 
230

79

1,285

   Amortization of Intangible Assets
 
264

 
 
 
 
 
153

 
662

1,079

Total Operating Expenses
 
11,236

1

 
 
51

 
429

464

724

12,904

 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from Operations
 
($67,097)

($1)

$
$
($51)

$
($804)

$33

($772)

($68,691)

 
 
 
 
 
 
 
 
 
 
 
 
   Interest Income
 
5

 
 
 
 
 
 
1

 
6

   Interest (Expense)
 
(184)

 
 
 
(9
)
 
 
 
 
(192
)
   Interest component of forward FX contracts
 
 
 
 
 
 
 
 
 
 
 
   Other Inc (Exp)
 
(326)

 
 
 
 
 
3

(137
)
178

(283
)
   Reorganization Items, net
 
(3,977)

 
 
 
 
 
 
 
 
(3,977
)
Income (loss) before taxes
$
($71,579)

($1)

$
$
($59)

$
($801)

($103)

($594)

($73,137)

(Benefit) provision for income taxes
 
 
 
 
 
 
 
 
 
8

8

 
 
 
 
 
 
 
 
 
 
 
 
Net Income (loss)
$
($71,579)

($1)

$
$
($59)

$
($801)

($103)

($603)

($73,146)

 
 
 
 
 
 
 
 
 
 
 
 
Notes:
[1] Includes immaterial amounts from GT Advanced Technologies GmbH, a non-debtor entity.

These financial statements and accompanying notes do not purport to represent financial statements prepared in accordance with Generally Accepted Accounting Principles in the United States of America, nor are they intended to be fully reconciled to any financial statements otherwise prepared or distributed by the Debtors or any of the Debtors’ affiliates. This information is unaudited and is subject to further review and potential adjustments. The accompanying disclaimers and notes are an integral part of these financial statements.




GT ADVANCED TECHNOLOGIES BALANCE SHEET
EXCLUDING INTERCOMPANY BALANCES AS OF NOVEMBER 1, 2014
Case No.
14-11916
14-11919
14-11929
14-11917
14-11922
14-11925
14-11924
14-11923
14-11920
 
 
 
GT Advanced Technologies Inc.

GTAT Corporation
GT Advanced Equipment Holding LLC

GT Equipment
Holdings, Inc.

Lindbergh
Acquisition Corp.

GT Advanced Cz LLC
GT Sapphire Systems Holdings LLC
GT Sapphire Systems Group LLC
GT Advanced
Technologies Limited[1]

Non-Debtor
Entities

Consolidated
($ in 000's)
 
 
 
 
 
 
 
 
 
 
 
Current Assets
 
 
 
 
 
 
 
 
 
 
 
   Cash and cash equivalents
 
$67,837

$19

 
 
$295

 
$759

$1,234

$5,064

$75,209

   Restricted cash
 
 
 
 
 
 
 
 
1,330

 
1,330

   Accounts receivable, net
 
7,769

 
 
 
13

 
152

1,674

63

9,671

   Inventories
 
64,406

 
 
 
 
 
2,459

62,602

2,615

132,083

   Deferred costs
 
4,892

 
 
 
 
 
341

42,424

 
47,657

   Vendor advances
 
5619

 
 
 
 
 
 
7,805

53

13,477

   Deferred income taxes
 
22,224

 
 
 
28

 
 
 
2,005

24,256

   Refundable income taxes
 
2,753

 
 
 
 
 
 
 
 
2,753

   Prepaid expenses and other current assets
 
21,107

 
 
 
 
 
685

533

280

22,605

Total current assets
 
196,605

19

 
 
335

 
4,397

117,603

10,081

329,040

   Property, plant and equipment, net
 
624,959

 
 
 
1,186

 
683

836

789

628,452

   Intangible assets, net
 
25,657

 
 
 
 
 
11,838

 
53,739

91,234

   Goodwill
 
51,370

 
 
 
1,197

 
 
 
4,366

56,933

   Deferred cost
 
15

 
 
 
 
 
 
26,528

 
26,543

Other assets
 
70,199

 
 
 
7,348

 
3

80,410

337

158,297

Total Assets [2] [3]
$

$968,805

$19

$
$
$10,066

$
$16,920

$225,337

$69,311

$1,290,500

 
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities
 
 
 
 
 
 
 
 
 
 
 
 Prepayment obligation
 
357,125

 
 
 
 
 
 
 
 
357,125

Accounts payable
 
2,350

 
 
 
 
 
419

191

2,584

5,545

Accrued expenses and other current liabilities
 
20,248

 
 
 
 
 
428

7,611

2,290

30,577

Contingent consideration
 
 
 
 
 
 
 
 
 
3,140

3,140

Customer deposits
185

 
 
 
 
1,987

 
1,058

17,408

40

20,678

Deferred revenue
36,540

 
 
 
 
 
 
586

31,006

 
68,131

Accrued income taxes
(8,496
)
 
 
 
 
8,608

 
 
4

369

484

Total current liabilities
407,953

 
 
 
 
10,596

 
2,491

56,219

8,422

485,681




 
 
 
 
 
 
 
 
 
 
 
 
Liabilities Subject to Compromise
292,797

155,244

 
 
 
4,107

 
1,619

53,086

 
506,853

 
 
 
 
 
 
 
 
 
 
 
 
Non-Current Liabilities
 
 
 
 
 
 
 
 
 
 
 
      Deferred Income taxes
 
 
 
 
 
14,808

 
 
 
1,253

16,061

Customer deposits
 
 
 
 
 
 
 
 
55,598

 
55,598

Deferred revenue
 
142,258

 
 
 
 
 
 
41,335

 
183,593

Contingent consideration
 
 
 
 
 
 
 
 
 
222

222

Other non-current liabilities
 
12,624

 
 
 
 
 
 
32

 
12,656

Accrued Income Taxes
 
20,787

 
 
 
 
 
 
 
 
20,787

Total Non-Current Liabilities
 
175,669

 
 
 
14,808

 
 
96,965

1,475

288,917

 
 
 
 
 
 
 
 
 
 
 
 

Stockholder's Equity
 
(34,799
)
43

 
 
(48,783
)
 
(3,267
)
159,087

(63,233
)
9,049

 
 
 
 
 
 
 
 
 
 
 
 
Total Liabilities and Stockholder's Equity [3]
$292,797

$70,4068

$43

$
$
($19,272)

$
$842

$365,358

($53,336)

$1,290,500


Notes:
[1] Includes immaterial amounts from GT Advanced Technologies GmbH, a non-debtor entity.
[2] It would be prohibitively expensive, unduly burdensome, and an inefficient use of estate assets for the Debtors to obtain current market valuation of each of their assets. Accordingly, unless otherwise indicated, this monthly
operating report reflect net book values as of November 1, 2014. Parties are also cautioned that book value is not, in any way, indicative of the fair market value of any of the Debtors’ assets.
[3] Due to the exclusion of intercompany balances, Total Assets may not equal Total Liabilities and Stockholder's Equity.


These financial statements and accompanying notes do not purport to represent financial statements prepared in accordance wit h Generally Accepted Accounting Principles in the United States of America, nor are they intended to be fully reconciled to any financial statements otherwise prepared or distributed by the Debtors or any of the Debtors’ affiliates. Th is information is unaudited and is subject to further review and potential adjustments. The accompanying disclaimers and notes are an integral part of these financial statements.






REORGANIZATION ITEMS, NET
($ in 000's)
 
 
 
Professional fees
 
$
3,959

 
U.S. Trustee fees
 
18

 
 
 
 
 
Total
 
$
3,977

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


LIABILITIES SUBJECT TO COMPROMISE
($ in 000's)
 
 
 
Convertible Notes
 
$
292,797

 
Accounts payable
 
142,105

 
Accrued expenses and other liabilities
 
45,919

 
Contingent Consideration
 
20,985

 
Other non-current liabilities
 
5,047

 
 
 
 
 
Total
 
$
506,853

 
 
 
 
 
 
 
 
 


        
These financial statements and accompanying notes do not purport to represent financial statements prepared in accordance with Generally Accepted Accounting Principles in the United States of America, nor are they intended to be fully reconciled to any financial statements otherwise prepared or distributed by the Debtors or any of the Debtors’ affiliates. This information is unaudited and is subject to further review and potential adjustments. The accompanying disclaimers and notes are an integral part of these financial statements.



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