Manufacturer YotaPhone went bankrupt

The Yota Devices company, which became famous thanks to its smartphone YotaPhone with two displays, was recognized by the court


What happened

Singapore supplier files bankruptcy claimHi-P Electronics displays. “Misunderstandings” with Yota Devices began back in 2015, when the company accused the supplier of disrupting the supply of components for YotaPhone on the eve of the smartphone’s release on the American market. In turn, Hi-P Electronics accused Yota Devices of failure to fulfill obligations and demanded $126 million.

This was followed by a series of mutual lawsuitsand accusations. In 2017, the parties agreed to an amicable settlement. But now Hi-P Electronics claims that Yota Devices did not fully fulfill the terms of the agreement and remains owed a million dollars. This is precisely what the lawsuit is about.

What now

As a result, the Supreme Court of the Cayman Islands,where one of the Yota Devices offshore companies is registered, declared the company bankrupt. She has exactly three weeks to include herself in the register of creditors. In this case, the liquidation will be handled by specialists from FTI Consultings.

Let us remember that Yota Devices is remembered for its unusual smartphone YotaPhone with two screens - front and back. The first generation came out back in 2012; there were three models in total.