Phone Maker VK Declared Bankrupt

South Korean handset maker VK has been declared bankrupt after it failed to pay its creditors. An official from one of those creditors, the International Bank of Korea (IBK), said that VK must put in place a strategy to deal with its debt or face collapse. Last month, it was rumored that Motorola had signed a handset design and manufacturing deal with VK. Some analysts say that a closer partnership with Motorola is only chance for company’s long-term survival.

Via RegHardware.