GT Advanced Technologies Inc. announced that it has it has closed on its $95 million debtor-in-possession term loan facility (the "DIP Loan Facility"). The lenders include certain holders of GT's convertible notes. The loan has a one-year term and will be secured by all assets of the company on a super-priority basis.

The company will use the proceeds of the DIP Loan Facility to fund working capital requirements and pay other costs and expenses with respect to the administration of GT's and certain of its subsidiaries' Chapter 11 cases.

"This is an important milestone in our plan to emerge from Chapter 11, and we are pleased that our court-approved DIP financing loan has closed," said Tom Gutierrez, GT's president and CEO. "The DIP loan gives us access to needed capital to continue to operate the company as we pursue near-term revenue opportunities and meet the obligations required as part of our Chapter 11 filing. I also want to take this opportunity to thank our customers for their continued loyalty, and our dedicated employees who have shown tremendous commitment to GT during some very difficult times."

GT is working with some of the leading legal and financial organizations to guide it through the Chapter 11 process. Paul Hastings LLP is serving as bankruptcy counsel and Rothschild Inc. is the financial advisor.