Wileyfox enters administration to repay its debt


UK-based Wileyfox enters administration to restructure its debt, and this information is now being revealed by the community manager of Wileyfox on Reddit. For those who are unaware, the administration is a process in the UK where the company gives full control of itself to a person,  in order to pay off debts to creditors. 

Wileyfox entered the smartphone market with Android smartphones with the launch of Storm and Swift phones and then later in mid-2016 it announced the low-end Spark. The company soon after Cyanogen collapsed, it started developing its own custom ROM for phones. Now the with the company entering administration, the community manager of Wileyfox on Reddit have been laid off.

However, at this moment it is unclear if Wileyfox is permanently shutting down, but if the administrators can pay off the company’s debts, then Wileyfox could return back to its business at some point. However, the UK company’s House listing for Wileyfox shows the company is still active. The company didn’t make a formal announcement either on its site or any of its social media accounts. We will have to wait for a while before the company comes out and announces the latest development in this regards.

Source | Via