GTAT secures US$95 million debtor-in-possession financing

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Bankrupt PV and sapphire equipment specialist GT Advanced Technologies (GTAT) has been able to secure US$95 million of debtor-in-possession financing to provide working capital needs during its Chapter 11 restructuring efforts. 

GTAT recently reported that it had cash and cash equivalents of US$82.6 million and generated US$133.6 million in revenue for the first nine months of 2014. Gross loss was US$119.7 million for the period. 

Photovoltaic segment sales were US$30.5 million, Polysilicon segment sales were US$10.8 million and Sapphire segment sales were US$72.2 million. 

Total third quarter order backlog stood at US$500.4 million with US$2.3 million related to its Photovoltaic segment, US$290.5 million Polysilicon segment and US$207 million in its Sapphire segment. 

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