Amp'd Mobile Files for Bankruptcy

The Wall Street Journal is reporting that mobile virtual network operator (MVNO) Amp'd Mobile filed for Chapter 11 bankruptcy late Friday night. A Chapter 11 bankruptcy allows a company to reorganize its debt, and does not necessarily mean that Amp'd will be going out of business, but it is nonetheless not a good sign.

Amp'd Mobile currently owes a variety of debtors over US$100 million. Bill Stone, president of Amp'd Mobile, claims the Chapter 11 filing is due to the company not being able to keep up with current customer growth rates. Amp'd has almost 200,000 subscribers at the time of writing. [via The Wall Street Journal]