Unfortunately, a quick climb was not as successful. The court declared Yota Devices bankrupt. The further fate of the gadget called Yota Devices is unknown. More precisely those units that remained on sale.
The event took place in the Cayman Islands, where one of the manufacturer’s offshore was registered. The Supreme Court has 3 weeks to include the company in the loan registry. The liquidation will be handled by competent FTI Consulting specialists. It is worth recalling that the first generation of promising smartphones took place in 2012.
What happened to the company?
The fact is that not so long ago, a lawsuit from a supplier of displays - Hi-P Electronics, fell into court. At the same time, the subject of the conflict was the disputes that arose between the two companies back in 2015. Just before the devices enter the US market. As a result of default, the company immediately lost $ 126 million. Further, in 2017, another exchange of lawsuits and charges took place. As a result, the companies managed to find a compromise. After 2 years, the final point in this discussion was the bankruptcy of a rather promising brand in the past. According to the agreement, one of the companies did not fulfill the conditions, and exactly 1 million dollars remained due.
