The US Bankruptcy Court approved the bidding procedures relating to the sale of certain assets of GT Advanced Technologies Inc. on November 20, 2015. As per the order, debtor has been authorized conduct auction of ASF Furnaces on December 2, 2015. Separately, GTAT intends to conduct an online auction for the sale of certain materials and equipment located in the Mesa Facility on November 24, 2015 and will conclude on November 30, 2015.

The successful bidder for non-ASF equipment must remove such equipment from Mesa facility by December 31, 2015 or else it will be forfeited to Apple. Bid deadline for ASF furnaces shall be fixed for November 20, 2015. Each bid should accompany with good-faith deposit of 10% of the purchase price but no less than $0.25 million.

A qualified bidder at the ASF auction is limited to purchasing ASF Furnaces with an aggregate purchase price of no more than 10 times the good-faith deposit of such qualified bidder. GTAT will designate stalking-horse bidder by November 21, 2015. The bid deadline has been extended from November 20, 2015 to November 27, 2015, as per the notice dated November 20, 2015.

George Cunningham of Cunningham & Associates, Inc. acted as auctioneer.