Gionee declares itself bankrupt. A court in Shenzhen has accepted the application for liquidation bankruptcy by Huaxing Bank. Gionee owes a total of CNY 20.2 billion (around $3 billion) to 648 creditors. It owes half of the amount to banks and earlier this year reports should that Gionee was unable to pay suppliers and Ad agencies haven’t been paid too.

The company’s money problem aggravated when the Founder and Chairman Liu Lirong lost a whopping CNY 1 Billion bet in a Casino which is equivalent to $144 million! He claims he didn’t use company money admits he may have “borrowed company funds”. This bankruptcy looks like it would be hitting the Big Screens Sometime Soon!!!

For comparison, Liu claims that the company was losing around CNY 100 million ($14.4 million) a month between 2013 and 2015. The losses per month doubled in the last two years.