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Chandler Mayor Jay Tibshraeny said it was the most commonly asked question he receives as mayor regarding the old Elevation Chandler project: What is that thing and when it is coming down?
Claiming consumers here were misled, Attorney General Tom Horne has filed a $3 billion lawsuit against General Motors alleging it sold vehicles to Arizonans the company knew were unsafe.
The feud between Apple Inc. and the operator of a failed sapphire glass factory in Mesa is growing more intense.
A deal between Apple Inc. and a synthetic sapphire glass maker that was gearing up to produce huge amounts of the product for Apple in an Arizona factory allows for the sale of more than 2,000 furnaces to repay Apple.
PHOENIX (AP) — Apple Inc. has reached a deal with a synthetic sapphire glass maker that will allow details of contracts between the companies and the business problems that led GT Advanced Technologies to a financial crisis to remain secret.
A Tuesday filing in U.S. Bankruptcy Court in New Hampshire shows a settlement that will allow sealed documents filed by GT's chief operating officer and Apple last week to be withdrawn and all copies destroyed.
Apple hasn't commented beyond saying it was surprised by the bankruptcy filings and was working to retain jobs at the plant.
GT is shutting down a new sapphire plant in Mesa, Arizona, and laying off 724 workers.
Apple advanced GT $429 million to outfit the plant under a contract announced last November.
Apple Inc. has reached a deal with a synthetic sapphire glass maker that will allow details of contracts between the companies and the business problems that led GT Advanced Technologies to a financial crisis to remain secret.
Q: Why are you running?
A manufacturer of sapphire glass that Apple Inc. uses in iPhones plans to eliminate 727 jobs at an Arizona plant.
The future appears to be very dark for the GT Advanced Technologies plant in Mesa after the company, which supplies Apple with sapphire glass, asked to “wind down” production of the scratch-resistant material in a bankruptcy court filing.
PHOENIX (AP) — A manufacturer of sapphire glass that Apple Inc. uses in iPhones told a bankruptcy court Friday that it wants to shut down a Mesa factory that was once touted as a big job creator for Arizona.
GT Advanced Technologies filed for Chapter 11 bankruptcy protection this week. In a bankruptcy court filing Friday, the company outlined its plans to wind down operations at the Mesa factory by the end of the year along with a second facility in Salem, Massachusetts — a move that would leave hundreds of people out of work.
"This drastic step is necessitated by GTAT's liquidity crisis and the ongoing cash burn from its operations at these locations," the company said in a court filing.
The request to wind down operations at the locations is contingent on the court's approval. GT Advanced Technologies' stock was down about 35 percent Friday, trading at 84 cents. The stock's 52-week high is $20.54.
The bankruptcy and ensuing effort to shut down the factory mark surprising turn after state, local and business leaders previously bragged that the plant would be a major boost to the Arizona economy.
Gov. Jan Brewer had hailed Apple's decision to open the plant in Mesa, calling it a sign that the Arizona's efforts to provide a pro-business climate were paying off. The state has cut business taxes and created several incentives designed to lure new manufacturing businesses in the past several years.
At full production the companies expected 700 workers to run the plant.
Now, GT wants to begin winding down operations.
It is a complicated process that will involve keeping dozens of workers on staff to monitor furnaces where the sapphire grows into boules that can sell for $20,000.
Apple currently uses sapphire glass for camera lenses and its fingerprint-reading home button on many new iPhones, and has announced its use on two of three planned models of the iWatch. The Mesa plant fueled speculation that Apple might use sapphire glass in future iPhones, but the newly released iPhone 6 does not use sapphire for its main screen.
Apple has advanced GT $429 million to outfit the plant out of $578 million it agreed to pre-pay when it struck the deal with the company last November. The company also made a bankruptcy court filing Friday that seeks to end the agreements with Apple.
Apple and the city of Mesa did not immediately respond to requests seeking comment. The company said earlier in the week that it is "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."
In a statement, GT said it realizes the difficulties caused by a plant closing but needs to make the right financial decisions following the bankruptcy action.
"While we continue to explore all options with regards to our Mesa and Salem facilities, we recognize and regret the impact that the actions outlined in our bankruptcy court filings of this morning may have on valued GT employees," the company said.
The company working to manufacture Sapphire glass screens in a partnership with Apple has announced that it has filed for Chapter 11 bankruptcy protection.
Reality has a habit of raining down hard and melting away the comforts formed by the kindness of imagination and the vagaries of memory. There’s the way a person wants to remember an event that occurred in his or her life, and then there’s the way the event actually played out, complete with details absent of sympathy.
NEW YORK — Travelers, prepare to pay more for your flight.
It's probably no surprise to those living here, but several of Arizona's largest cities are among the worst in the nation in recovering from the recession.
A federal appeals court has said retired U.S. Airways pilots may have the legal right to pursue claims that could give each of them thousands of dollars.
Maricopa County Attorney Bill Montgomery has called for Arizona Attorney General Tom Horne to resign from office.
The concrete structure called Elevation Chandler was intended to be a luxury hotel and would have provided the Chandler Fashion Center located next door a steady stream of consumers. It now sits vacant and exposed on an empty dirt plot and serves as a stark juxtaposition to the prosperous shopping center.
NEW YORK — New York City's Tavern on the Green, closed since the previous operators lost their lease and declared bankruptcy in 2009, reopens Thursday under new management. Here are five things to know about the once-grand restaurant in Central Park:
This April 13, 2014 photo provided by Tavern on the Green, shows a newly renovated dining room at Tavern on the Green in New York. The once-grand restaurant in Central Park, which has been closed since the previous operators lost their lease and declared bankruptcy in 2009, reopens Thursday, April 24, 2014 under new management. (AP Photo/Tavern on the Green, Robin Caiola)
FILE - This undated file photo peovided by the Tavern on the Green shows the building exterior and grounds decorated for the Holidays. The once grand restaurant in Central Park is reopening Thursday, April 24, 2014 after being closed since the operators lost their lease and declared bankruptcy in 2009. (AP Photo/Tavern on the Green, File) NO SALES
FILE - In this Dec. 29, 2009 file photo, a waiter takes an order for a family having lunch in the Crystal Room at the at Tavern on the Green restaurant in New York, which was scheduled to serve its last meal two days later. The once grand restaurant in Central Park is reopening Thursday, April 24, 2014 after being closed since the operators lost their lease and declared bankruptcy in 2009. (AP Photo/Tina Fineberg, File)
This April 13, 2014 photo provided by Tavern on the Green, shows a newly renovated dining room at Tavern on the Green in New York. The once-grand restaurant in Central Park, which has been closed since the previous operators lost their lease and declared bankruptcy in 2009, reopens Thursday April 24, 2014 under new management. (AP Photo/Tavern on the Green, Robin Caiola)
The pension system for the city of Phoenix is on the verge of ruin. Years of abuse, mismanagement and political malfeasance have pushed the city’s ailing pension fund toward a crisis, threatening to cost future taxpayers hundreds of millions of dollars. This silently mushrooming debt has put Phoenix in fiscal dire straits similar to those of Detroit and Chicago.
So here we are, December, again. As I get older it certainly seems to get here faster every year. I feel like I was just chatting with folks about what may happen in real estate in 2013. It turned out we had some interesting things happen here in our market. The year started off strong with lots of appreciation and a great demand from buyers. The buying frenzy continued through June until it sort of fell off a cliff in the summer. When we usually see the October pick up, the government shut down for three weeks and that changed the typical cycle for that time of year. We had a nice increase in buyer interest towards the end of the year and from what we can see now the spring season will be typical for our area.