The now-bankrupt MVNO, Amp’d Mobile, has just inked a deal with Verizon Wireless that will allow the MVNO to continue operations during its Chapter 11 re-organization. According to Forbes, the deal will allow Amp’d subscribers to access the Verizon Wireless network, but stipulates that Amp’d Mobile will drop the lawsuit that it filed against Verizon Wireless when they threatened to kick Amp’d off its network.
So, if we understand correctly, the deal would allow Amp’d Mobile to access the Verizon Wireless network until they decide to kick Amp’d off of it. It seems a bit like borrowing the same cup of sugar that you already borrowed yesterday. But, all kidding aside, nobody wants Amp’d Mobile to really go belly-up for good -Â especially Verizon Wireless and their $33 million promissory note from Amp’d.
Apparently, the deal will help Amp’d Mobile secure funding as it tries to keep its head above water. According to court documents, the Verizon lawsuit had “hindered (Amp’d Mobile) to procure debtor in possession financing.”
So, who wants to lend Amp’d Mobile some more money? Any takers?
[Via: MocoNews]