Amp'd Mobile shutting down, selling assets


According to an FAQ page posted on its website, Amp'd Mobile will suspend U.S. operations July 24. The embattled MVNO alerted subscribers to the shutdown via text message over the weekend, urging consumers wishing to port their Amp'd phone number to a rival carrier to do so by the end of business today. No early termination fee will apply, although prepaid subscribers due an outstanding unpaid credit, rebate or refund will need to file a claim "to be considered for payment." According to the FAQ, Amp'd "is currently in discussions with several parties" exploring a potential acquisition.

On Friday, Amp'd filed with the U.S. Bankruptcy Court for the District of Delaware to begin auctioning off its remaining assets. According to the filing, Amp'd has exhausted options to secure debtor-in-possession financing, and is seeking to sell assets in order to defray a portion of its mounting debt. Amp'd is petitioning for a July 30 auction date. Secured lender Kings Road Investment will now participate in the auction process.

For more on the Amp'd Mobile shutdown:
- read this Yahoo! Tech article

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