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The Russian company Yota Devices started selling a range of dual-screen smartphones in 2013. The original YotaPhone featured a color screen on one side and an E Ink screen on the other. A few years later, the company introduced the YotaPhone 2, which developed the idea with a new streamlined design and better specifications.
And then things got complicated. Yota Devices has canceled its plans to bring Yotaphone 2 to the United States. A Hong Kong-based company has acquired the essence of the company. A Yota 3 phone was finally launched, but it was available exclusively in China and it seems that the latest development could be the last one.
According to the Cayman Islands Gazette (PDF), Yota declared bankruptcy and the assets of the company will be liquidated.
The Russian website iGuides provides a little more context for what happened.
Basically, the company that provided the displays for the first two YotaPhone models brought a lawsuit alleging that Yota Devices had not complied with its minimal order after canceling its expansion project in the US market.
Yota appears to have paid $ 17 million to Hi-p Electronics as a result of this lawsuit, but when Hi-p filed a new claim for an amount of $ 1 million, Yota was unable to pay. Thus, the company declares bankruptcy.
Creditors wishing to assert their rights in certain of the Company's assets may participate in a conference call on May 8 (PDF) prior to the liquidation.
via GizmoChina
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