22 June 2007

Amp'd gets another week

A bankruptcy judge's ruling will allow Amp'd Mobile to stay afloat for another week: The MVNO now has access to $7.5 million in cash that belongs to its lender and carrier partner Verizon Wireless. The cash will allow Amp'd to continue its service through June 25. The judge, Brendan Shannon, ordered Amp'd to set aside $2.45 million as a reserve, which it can only use with Verizon's permission. Amp'd owes Verizon Wireless about $33 million.
Verizon Wireless originally refused to allow Amp'd to use its cash, but decided to allow it pending a final hearing. Verizon Wireless feared that the MVNO would use the money to fund legal proceedings against Verizon Wireless over their 2005 network agreement. Amp'd Mobile filed for Chapter 11 protection on June 1 and listed less than $100 million in assets as well as more than $100 million in debt

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