Manufacturer YotaPhone went bankrupt

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


What happened

Bankruptcy lawsuit filed by Singaporean supplierdisplays Hi-P Electronics. “Misunderstanding” with Yota Devices began in 2015, when the company accused the supplier of disrupting the supply of components for the YotaPhone on the eve of the smartphone entering the American market. In turn, Hi-P Electronics accused Yota Devices of default and demanded 126 million dollars.

This was followed by a series of mutual lawsuits andcharges. In 2017, the parties went to the world. But now Hi-P Electronics declares that Yota Devices did not fulfill the terms of the agreement until the end and owed a million dollars. It is with this lawsuit.

What now

As a result, the Supreme Court of the Cayman Islands,where one of the offshore companies Yota Devices 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 FTI Consultings.

Recall, Yota Devices was remembered for its unusual YotaPhone smartphone with two screens - in front and behind. The first generation came out in 2012, all in all there were three models.