Offshore company Yota, registered in the Cayman Islands, is the owner of Yota devices has been officially declared bankrupt by the supreme court of the Cayman Islands. The court has appointed FTI consulting as the official liquidators of the company
Yota phone was the first company to try introducing dual-screen phones. Way before even Samsung could put two displays onto one single smartphone Yota, the Russian company, attempted to do the same in December 2012 by releasing YotaPhone, a device that had an LCD display as its primary display and an e-ink display on the other side as the secondary display.
However, the new device only got as much attention as a first generation device from lesser known brands. However, the company still believed that the dual-screen concept will eventually get more fame in the market and with these expectations they released the same concept with YotaPhone2 and Yotaphone3 which was as recent as August 2017. Unfortunately, dual-screen was not entertained by the customers at the time.
Singapore Hi-P Electronics, the company who supplied displays for the first two generations of the YotaPhone, filed the proceedings for bankruptcy. The two companies were having a dispute over the failure of the Yota company to fulfill the minimum order obligations for the components because of the down sales of the Yota devices. Hi-P did sue the company for $126 million but now had agreed to take $17 million instead resulting in the end for the Yota once and for all.
We might never see YotaPhones again but as far as multi-screen displays are concerned we surely know that the feature will be hot in the market with so many mobile giants trying to release their folding phones.