Thursday, May 31, 2007

Amp'd Mobile Files for Chapter 11 -- an MVNO

Amp'd Mobile, a mobile virtual network operator (MVNO) targeting the youth market in the U.S., filed for protection under Chapter 11 bankruptcy to restructure the business. Amp'd Mobile plans to continue normal business operations throughout the reorganization process.

In a press statement, the company cited problems arising from rapid growth, saying that its back-end infrastructure was unable to keep up with customer demand.

Amp'd Mobile also said that it is working with one of its largest investors to obtain debtor-in-possession financing.

  • Amp'd Mobile uses the Verizon Wireless network.

  • Past investors in Amp'd Mobile include Tudor Investments, Intel Capital, Rho Ventures, Quilvest Ventures, Polygon Investment Partners, Heights Capital Management, QUALCOMM, MTV, Universal Music Group, Highland Capital Partners, Columbia Capital and Redpoint Ventures.

See also