Russian smartphone maker Yota Phone is bankrupt

Remember the Russian smartphone brand Yota which has cool dual-screen phones? It declared bankruptcy not long ago.

The Supreme Court of Cayman Island has agreed to a liquidation request last month and the company’s creditors have 21 days to establish their claims.

Yota’s dual-screen phone was presented to the Chinese president Xi Jinping in 2014 as gift by his Russian counterpart Vladimir Putin.

Since then, the distinctively-designed Russian brand began to catch on in China. Yota sold 36 million phones in China with RMB 46 billion (USD 686 million) in sales in 2014.