GT Advanced Technologies is reducing global headcount and lowering its operating expenses as part of its ongoing restructuring. In July, the company announced it had secured a $95 million debtor-in-possession term loan facility, and is now taking steps it believes are necessary to align its cost structure with its revised business plan being developed to allow the company to successfully emerge from Chapter 11 in the first quarter of 2016.

The revised business plan’s foundation will be centered on the breadth of the company’s core technologies and product offerings, including its ASF sapphire equipment business, its traditional polysilicon and DSS solar PV business, the commercialization of the Merlin cell interconnect technology and its specialty sapphire materials business.

In addition to its ASF equipment sales efforts, the company is taking steps to ensure that its solar PV product offerings are ready to capitalize on new demand from customers as the solar capital equipment business returns to growth over the next two years.

Additionally, the company is looking at its other businesses to assess their strategic importance to the company’s operations once it emerges from Chapter 11.

The action impacts all locations and functions of the company’s global business operations and is expected to reduce headcount and related operating expenses by approximately 40%.