GT Advanced Technologies, Inc. filed a motion in the US Bankruptcy Court for the sale of its certain assets on February 23, 2016. The debtor seeks the Court's approval for the sale of its certain assets to Merlin Solar Technologies, Inc., the only qualified bidder, for a purchase price of $3.8 million in cash pursuant to the asset purchase agreement dated February 23, 2016. The debtor's assets include Merlin business which includes all fixed assets, prepaid expenses and intellectual property.

The buyer will make a deposit of $0.25 million. The transaction shall close fifth business day after the satisfaction (or waiver) of the conditions to closing. GCA Law Partners LLP acted as advisors to the buyer.