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Preference Actions Filed in GT Advanced Technologies, Inc. and GT Advanced Equipment Holding LLC

October 11, 2016, New Hampshire – The estate of GT Advanced Technologies Corp. and its affiliates (GTAT) initiated nearly 300 lawsuits over the past few weeks to recover millions of dollars it had paid to vendors 90 days before Chapter 11 reorganization. GTAT continued to operate its business and manage its properties as debtors in possession under §§1107(a) and 1108 of the Bankruptcy Code. GTAT in its bankruptcy plan’s disclosure statement stated that approx. $195.5 million was allegedly transferred during the 90 days before its bankruptcy filing, and less than half of the $91.6 million is potentially voidable. The biggest target, according to the disclosure statement, would be Heibei Hengbo Fine Ceramics Material, a Chinese firm, for $13.2 million. GT Advanced filed for bankruptcy on October 6, 2014, after it allegedly banked on supplying material for Apple’s iPhone, but Apple apparently went in a different direction. The cases are jointly administered under Case No. 14-11916 before the Honorable Judge Henry J. Boroff in the United States Bankruptcy Court for the District of New Hampshire


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