The company that makes sapphire glass used in some Apple (AAPL) products filed for Chapter 11 bankruptcy following a tough year.
GT Advanced has operated at a loss of more than $127 million in the first half of 2014. The company attributes about $47 million in losses to an increase in production costs.
GTAT stock fell about 35% in September after Apple announced that it would not use sapphire material in the screen of the iPhone 6.
Shares are down about 90.7% today and they’re trading for $1.03.
AAPL stock is up about 0.15%.
More Bankruptcy News:
- RSH Stock: Why You Should Sell RadioShack Before it Hits $0
- Handicapping Coal Stocks — Who’s Closest to Bankruptcy?
- Trump Casinos Files for Chapter 11 Bankruptcy