Yota – a dual display smartphone manufacturer, goes bankrupt as declared the Cayman Islands Supreme Court in a recent ruling. According to the local newspaper, Cayman Islands Gazette, Yota requested for liquidation per local laws a few days ago.
The court appointed FTI Consulting employees – David Griffin and Joshua James Taylor as the Joint Official Liquidators of the company. Yota creditors have 21 days to establish any title they may have under the Companies Law. Failing to comply with the order within the given time, the creditors will be excluded from any benefit or distribution made.
Hi-P Electronics, a Singaporean company and display supplier of Yota Phone also filed a lawsuit against the company for not fulfilling the subscription contract. After the initial settlement of $17 million, the Hi-P electronics still cites non-settlement of claims.
Yota Phone was established in 2011 to develop new generation modems, routers, smartphones. It was developed by the Russian telecommunications company Скартел and is licensed under the Yota trademark. They partnered with various companies to supply its network equipment before testing their hands in the smartphone market. The company’s Yota Phone – dual displays smartphone gave wings to Yota’s smartphone division. Later, Yota announced some more smartphones but failed to keep with the users’ aspirations.
With a stake of over 50%, the Chinese Consortium including Trinity World Management and China Baoli has a controlling stake. Precisely, the Chinese Consortium holds more than 50% stake whereas the Telconet (company’s initial majority shareholder with 64.9% stake back in 2013) still has a stake of around 34.9%.
