Amp’d Mobile, the MVNO (mobile virtual network operator) that targeted its services towards twenty-somethings, filed for Chapter 11 protection on June 1st. The company launched voice, 3G data, text, and picture services in 2005 with backing from investors such as MTV Networks and Universal Music Group. Amp’d doesn’t plan to close shop, however, and will undergo a massive restructuring while it continues to offer service to its 175,000 customers. According to moconews.net, Amp’d filed for bankruptcy after a long fight between board members over the future of the company. It’s also believed the company has secured enough future funding to pull themselves out of bankruptcy pretty quickly. Given past issues with Amp’d and this latest stumble, its future is in doubt unless investor’s patience and deep pockets can get the company through this period.
