GT Advanced has also provided the Sapphire for the camera covers and Touch ID fingerprint sensors in Apple's iPhone line.
This development may leave you all wondering what will happen to the impending launch of the Apple Watch. We have previously covered that the Apple Watch could be delayed slightly, arriving in February in limited quantities.
The Sapphire maker will apparently be able to continue operations as per normal, as it seeks to resolve issues with its creditors soon. The company will begin a reorganization in an attempt to improve its balance sheet. GT Advanced's CEO has insisted that this does not mean the company is due to close its doors as its business model is sound. As of 28 September 2014, the company still had approximately $85 million in cash.
GT Advanced's dire financial state has caused speculation to mound that Apple's refusal to use its sapphire covers for the iPhone 6 may have been related, despite countless rumors debunking that notion. That decision allegedly was made on the grounds that there were low yields on the material.