Amp’d Mobile, a popular Mobile Virtual Network Operator (MVNO), has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Delaware.
The company competed with VelvetPuffin, Loopt and Helio in an attempt to deliver a compelling mobile based social networking product to a worldwide marketplace of 2.6 billion cell phone users.
According to mocoNews, Amp’d Mobile owes $33 million to Verizon Wireless, $16 million to Motorola and $10 million to Vivendi. Smaller creditors include BestBuy at $8 million and MTV Networks: $1.8 million. Total debt is more than $100 million with assets less than that figure.
Amp’d Mobile had previously taken $360 million in funding over 5 rounds. Investors include RedPoint Ventures, Highland Capital Partners and Columbia Capital.
Amp’d Mobile is now in the TechCrunch Deadpool.