PV equipment specialist Meyer Burger has settled a disputed bill with GT Advanced Technologies following a US$34.8 million deal.
GTAT, which entered chapter 11 bankruptcy in October last year, had ordered diamond wire cutting systems and related parts thought to be for use in a sapphire facility making screens for Apple. The bankruptcy court in New Hampshire is still to approve the deal with a decision expected in June. If approved, it will free GTAT to begin selling off its equipment.
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Court documents seen by PV Tech also show that while GTAT will take ownership of and sell the diamond wire equipment. Meyer Burger will retain 18 BrickMaster cutting tools that had been loaned to GTAT after cutting equipment previously delivered had failed to meet GTAT’s specifications. The company had an option to buy the BrickMasters and although draft contracts had been exchanged, the deal was not complete.
The documents also show that the US$34.8 million agreement is a compromise on Meyer Burger’s original claim for US$48.6 million.
GTAT has also agreed to drop counterclaims against Meyer Burger in the dispute related to breach of contract and breach of warranty.
GTAT secured US$95 million in financing to cover its costs through the bankruptcy process.
