GT Advanced shareholder group denied petition for official committee

By Kali Hays

New York, Jan. 26 – A group of GT Advanced Technologies Inc. equity holders were denied a request that an official committee of equity security holders be formed, according to a Jan. 26 order from the U.S. Bankruptcy Court for the District of New Hampshire.

As previously reported, the shareholders said they believe that GT is not insolvent, their interests are not adequately represented in the bankruptcy case and GT’s management has “ceased being a warrior for shareholders.”

The shareholders also claimed that GT’s official committee of unsecured creditors deliberately acted to block the formation of an equity committee by the U.S. Trustee for the case through inaccurate statements that GT is at risk for the full liquidation of its assets, according to the motion.

Merrimack, N.H.-based GT Advanced Technologies is a provider of equipment and services that support the growth of the solar and LED industries. The company filed for bankruptcy on Oct. 6 under Chapter 11 case number 14-11916.

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