Amp’d Mobile files for Chapter 11 bankruptcy protection

U.S. mobile service provider Amp’d Mobile has revealed that they have now filed for Chapter 11 bankruptcy protection.

The company has an estimated debts of more than $100 million. Amp’d primarily target the youth with their mobile services and apparently they are not doing well in the competitive US market.

Amp’d added that they no longer have the systems in place to keep up with customer demand. But the good news is that they are now working with investors on a debtor-in-possession financing deal.

Some of the investors in this company include high profile names like Qualcomm, MTV, Intel, Columbia Capital and Highland Capital Partners.

Amp’d also announced that they would continue normal business operations throughout the reorganization process.

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