Amp’d Mobile Files Chapter 11 Bankruptcy; Hopes To Restructure, With Funding In Place
By Rafat Ali - Sat 02 Jun 2007 10:54 AM PST
From MocoNews: Update: it has filed.
Amp’d Mobile, the content-heavy MVNO which has had close to $360 million pumped into it over the last two years, will be filing for Chapter 11 bankruptcy anytime now in the Delaware bankruptcy court, we have learned through sources, in hopes to restructure the company and the board. This comes after a protracted board fight over the future direction and additional funding of the company in which MTV Networks and Universal Music Group have investment, besides other VC and private equity firms....More here.
Updated: From the bankruptcy court documents: Amp’d owes about $33 million to its infrastructure/network provider Verizon Wireless, followed by its handset provider Motorola ($16 million), Vivendi about $10 million, BestBuy about $8 million, MTV Networks about $1.8 million, and others. In total, the total debt is more than $100 million...more info and court documents on MocoNews.net here.
Posted in: Mobile
