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Mesa, Arizona Glass Factory Files for Bankruptcy
Mesa, Arizona – A Mesa, Arizona glass company filed for Chapter 11 bankruptcy protection on Monday, October 5, 2014. Plans for an Apple Inc. supplier to employ 700 people in Mesa are in jeopardy after the company behind the sapphire glass factory filed for bankruptcy Monday listing more than $1 billion in debt.
GT Advanced Technologies, a New Hampshire company who makes glass for world wide giant Apple, Inc. announced plans to make scratch-resistant glass for Apple at a Mesa, AZ plant 11 months ago. GT advanced was to employee 700 new jobs at their new plant. The new Mesa plant is to be located at the vacant First Solar factory at Elliot and Signal Butte roads in East Mesa.
The deal, when announced last year was a coup for East Mesa, Arizona and the region, which lost a bid in 2012 for another Apple facility. The East Mesa facility was projected to supply 1300 new construction jobs in order to transform the former First Solar plant. Once in operation, the 700 jobs created by the plant were to pay approximately $50,000 per year.
GT Advanced and Mesa officials Monday were not able to answer questions relating to the Chapter 11 bankruptcy filing and how it might affect jobs or plans going forward with the Mesa, AZ plant. GT Advanced, under the rules of a Chapter 11 bankruptcy, is able to continue to do business while the company is given time to repay it’s creditors. GT advanced did not list creditors in its initial bankruptcy petitions but will have to do so at a later time before the Mesa bankruptcy court will approve any repayment plans within their bankruptcy.
The GT Advance Technologies bankruptcy filing on Monday left several questions. In the Chapter 11 bankruptcy the company will be trying to reorganize. It is unclear if its deal with Apple and the subsequent East Mesa plant remains intact, and it is possible that GT may be asked to repay money Apple provided for the East Mesa factory even though the facility is not making any money yet.
“Today’s filing does not mean we are going out of business,” President/CEO of GT Advanced Technologies, Tom Gutierrez said in a statement. “We are convinced that the rehabilitative process of Chapter 11 (bankruptcy) is the best way to reorganize, protect our company and provide a path to our future success.” Let’s hope that both GT Technologies and the East Mesa plant get back on track and start providing product and jobs.
My AZ Lawyers has experienced Mesa bankruptcy attorneys available to assist you with your bankruptcy filing. Call today to schedule an appointment.
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