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We knew things were bad at Amp'd, the mobile operator: rumors going around about the company's liquidity crisis, and a loss of confidence by an unwieldy board in the company's "visionary" founder. Rafat Ali now reports that Amp'd, which burned through nearly $400m over the last two years in marketing to young cellphone users, has gone into Chapter 11 bankruptcy. Sure, the company will say it hopes to restructure its debts, swiftly, and move on; but consumers are likely to shy away from a service with such precarious finances.
Amp'd declares bankruptcy
We knew things were bad at Amp'd, the mobile operator: rumors going around about the company's liquidity crisis, and a loss of confidence by an unwieldy board in the company's "visionary" founder. Rafat Ali now reports that Amp'd, which burned through nearly $400m over the last two years in marketing to young cellphone users, has gone into Chapter 11 bankruptcy. Sure, the company will say it hopes to restructure its debts, swiftly, and move on; but consumers are likely to shy away from a service with such precarious finances.
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2:24 PM on Sat Jun 2 2007
By Nick Denton
2,112 views
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