37 Comments

Summary:

Update: it has filed…see this follow-up post.
Amp’d Mobile, the content-heavy MVNO which has had close to $360 million pumped into it over…

Update: it has filed…see this follow-up post.
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 has filed for Chapter 11 bankruptcy in the Delaware bankruptcy court, MocoNews.net has 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. From what we know, the company has the funding in place to take it out of bankruptcy court quickly, and continue the operations. Not sure whether the current management structure will stay in place. We will have more as we find out more.

For our full coverage on the Amp’d drama, read our dedicated section.

By Rafat Ali

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  1. Helio is next

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  2. Horrible mismanagement that frittered away a fortune in investors' money on stupid content and God-only-knows what else. From its inception, Amp'd failed to pay its bills, and now it promises to secure more investment capital during Chapter 11 reorganization and reform from its past transgressions. I see Chapter 7 looming large.

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  3. are they going to continue to operate? what about the subscribers?

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  4. Yes, they are going to continue to operate while they restructure during bankruptcy…this is Chapter 11, not chapter 7.

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  5. Where does this leave AMA Supercross who Amp'd is its major sponsor??

    Its just hitting the fan in the sports boards

    http://www.motonews.com/mototalk2/showthreaded.php?Cat=0&Number=761131&an=0&page=0#Post761131

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  6. Adderton has to be one of the worst CEOs ever! He raises 360 million and files chapter 11 in less than 2 years. Peter time to go back down under. You always full of alot of hot air. Next profession Scuba Instructor. Just watch to the air supply gauge.

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  7. Bo, go back and get your GED you racist, runny, beetle excretion.

    Peter did raise the money and as CEO he'll take the bullet but it takes a lot of screw ups to burn through that dough. My guess is too many buddies and friends who don't know wtf they're doing coupled with a lot of really bad business analysis. Good product, horrible service. 'Nuff said.

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  8. Helio wont be next.

    They are making a fortune off the Ocean.

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  9. John – do you know anything about the mobile world? Helio loses money on every Ocean they sell. It's called "subsidy." Only Pantech is making cash (maybe). Oh, you mean you thought Helio was making those things?!?!

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  10. John, ever been in to a Helio store? Neither has anyone else! And one phone does not a carrier make…..

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