Press Release
Thun, 23 April 2015
Meyer Burger announces settlement agreement with GT Advanced Technologies Inc.
Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) announced today that it has reached a settlement agreement with GT Advanced Technologies Inc. (GTAT Corp. and related parties; hereafter "GTAT"). Under the agreement, GTAT recognises the validity of Meyer Burger's claim amounting to USD 34.8 million and ownership of the Meyer Burger equipment including Diamond Wire cutting systems, spare parts and diamond wire related consumables will be transferred to GTAT.
GTAT filed for Chapter 11 protection under US bankruptcy code in October 2014. Meyer Burger was a supplier of industrial diamond wire saws and diamond wire materials to GTAT for the precision cutting of sapphire.
The settlement agreement is subject to the approval by the responsible United States Bankruptcy Court for the District of New Hampshire. A decision by the US Bankruptcy Court is expected by the end of June 2015.
Contact:
Michel Hirschi
Chief Financial Officer
Phone +41 33 221 28 00
ir@meyerburger.com
Werner Buchholz
Head of Corporate Communications
Phone +41 (0)33 221 25 06
werner.buchholz@meyerburger.com
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