Apple and newly bankrupt GT Advanced Technologies are nearing an agreement over how much of the Silicon Valley titan s confidential information will be dragged into the light.
In court papers filed Tuesday, lawyers for GT, a materials manufacturer and Apple supplier, asked to push back a key deadline in its bankruptcy case, saying it is closing in on a settlement with the Cupertino-based company. The firms have been locked in a debate about how much GT can open up about its relationship with Apple as investors press the New Hampshire-based materials manufacturer to explain its surprising filing for Chapter 11 protection earlier this month.
The parties are on the cusp of a consensual global settlement and the further extension is necessary to allow the parties to continue to discuss certain issues, GT lawyer Luc Despins of law firm Paul Hastings wrote in court papers.
Questioning the need for blanket secrecy in the case, U.S. Bankruptcy Judge Henry Boroff directed Apple to file a list of the documents it wants to remain under seal. If Boroff opens up the record, the case could offer a rare glimpse into Apple s fiercely guarded contracts with its suppliers.
Before filing for bankruptcy earlier this month, GT was churning out massive quantities of synthetic sapphire for Apple, ostensibly for use in electronics. GT filed early documents in the case under seal to avoid breaching confidentiality agreements with Apple, which call for penalties of $50 million per violation.
