As I mentioned earlier today, things are a lot bleaker for Amp’d with no debtor-in-possession financing in place. The company has filed with the bankruptcy court, and has finally decided to sell its assets.
Amp’d said in the court filing that it has continued to look for buyers, but has not been successful. Its secured lender Kings Road Investment, which did not give it debtor-in-possession financing, will now to participate in the auction process. More hearing is scheduled for Monday to determine the bidding/auction procedures, but Amp’d is asking for July 30th as the auction date and August 1 as the decision making date. The full PDF of the asset sale filing from the court is here (27 page PDF).
P.S.: The pic on the right: soon to become a collector’s item, it is a MocoNews-branded Amp’d phone that I’ve had since the start. Not that I used it, or ever got a bill for it. It is working at of 6 PM PST…not sure how long, though.
Updated: LAT: On Thursday, many Amp’d Mobile workers were told to go home for now, said one employee who did not want to be identified for fear of losing her job, even though she expected to be out of work Tuesday. Amp’d Mobile had as many as 360 employees this year, but the company could not say Friday how many remained.