The company announced on Monday that, along with its subsidiaries, it had filed for Chapter 11 for voluntary bankruptcy protection. GT Advanced, which supplies sapphire glass to Apple (AAPL) for the tech giant's products, announced it had $85 million in cash as of September 29. It also said it had more than $1 billion in assets and liabilities.
Apple said Wednesday it was surprised by GT Advanced's bankruptcy filing and would consider its next move. Apple said it would work with officials in Arizona, where GT had run a sapphire facility owned by an Apple affiliate and leased to the supplier.
"We are focused on preserving jobs in Arizona following GT's surprising decision and we will continue to work with state and local officials as we consider our next steps," Apple spokesman Chris Gaither said.
GT will have its first bankruptcy hearing on Thursday in a New Hampshire court.
Shares reached an intraday high of $1.97 as of 11:53 a.m. More than 110 million shares had changed hands, which easily beat the average volume of 18,464,900.GTAT data by YCharts