GTAT Completes Financial Restructuring – Emerges from Chapter 11
MERRIMACK, N.H., March 18, 2016 (GLOBE NEWSWIRE) — GT Advanced Technologies Inc. today announced that it has emerged from Chapter 11 as a newly reorganized company. GT Advanced Technologies Inc. and its affiliated debtors (“GTAT”) have emerged with a solid balance sheet and renewed strategy focused on growth in the solar and sapphire industries.
“Our emergence from Chapter 11 marks the start of a new chapter for our company,” said David Keck, GTAT’s President and Chief Executive Officer. “Through this process, we have resolved the issues which led to our decision to seek bankruptcy court protection. With our strengthened financial flexibility, we will focus on our industry leading capabilities in the solar and sapphire markets.”
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The company’s $80 million of exit financing was provided by a group of financial sponsors with combined assets under management of more than $30 billion. “Our emergence would not have been possible without the support of our financial sponsors, whose willingness to invest in the company demonstrates their confidence in GTAT’s prospects for long-term growth and value creation. I want to thank our employees who have worked tirelessly in achieving our successful restructuring. We are also grateful to our customers and suppliers who have been critical to our success throughout this process. We believe GTAT is well positioned for the future and we are excited about our market opportunities,” Mr. Keck concluded.
Rothschild Inc. served as financial advisor and investment banker and Alvarez & Marsal North America, LLC served as restructuring advisor to GTAT. Paul Hastings LLP served as GTAT’s restructuring counsel. Wilmer Cutler Pickering Hale and Dorr served as counsel to the financial sponsors.
About GTAT: GT Advanced Technologies Inc. is a technology company producing advanced materials and innovative crystal growth equipment for the global solar and LED industries. Its technical innovations accelerate the use of advanced materials. For additional information about GT Advanced Technologies, please visit www.gtat.com.
CONTACT: Contact: GT Advanced Technologies Jessica Forleo +1 (603) 589-3741 [email protected]
GTAT Completes Financial Restructuring