Amp’d Mobile: Popular Mobile Virtual Network Operator Declares Bankruptcy

The popular Mobile Virtual Network Operator (MVNO) Amp’d Mobile has built up debts of $10 million to Vivendi, $16 million to Motorola and $33 million to Verizon Wireless which has made the company file for Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Delaware.

Amp’d Mobile has been trying to compete with Helio, Loopt and VelvetPuffin in an attempt to deliver a compelling mobile based social networking product to an amazing 2.6 billion cell phone users world-wide.

Although they have lost millions of dollars if they succeed they could have made a lot more money, which then leads me to believe that maybe one of the companies it owes money to may take over Amp’d Mobile.

They also had other smaller creditors which included $1.8 million owed to MTV Networks and $8 million owed to BestBuy which means Amp’d Mobile had a total debt of more than $100 million.
Via techcrunch

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