Updated from 10:31 a.m. to include opening share price after halt.

NEW YORK (TheStreet) –– GT Advanced Technologies (GTAT) has announced it will be filing Chapter 11 bankruptcy protection, as the company had more than $1 billion in debt and only $85 million in cash.

GT, which has been a supplier of its sapphire glass to Apple (AAPL - Get Report) , said it would seek Ch. 11 protection in the United States Bankruptcy Court for the District of New Hampshire, as it tries to repair its balance sheet. The company is seeking debtor-in-possession financing, which, "once obtained, would provide the company with an immediate source of additional funds," the company said in a pres release.

"GT has a strong and fundamentally sound underlying business," said Tom Gutierrez, president and chief executive officer of GT in the press release. "Today's filing does not mean we are going out of business; rather, it provides us with the opportunity to continue to execute our business plan on a stronger footing, maintain operations of our diversified business, and improve our balance sheet.

"We are convinced that the rehabilitative process of chapter 11 is the best way to reorganize, protect our company and provide a path to our future success. We remain committed to our roots in innovation and our diversification strategy. We plan to continue to operate as a technology leader across our core set of businesses."

Shares were plunging after the initial halt, falling 90.4% to $1.06.

--Written by Chris Ciaccia in New York

>Contact by Email.

Follow @Chris_Ciaccia