Ampd Gets Reprieve
22nd June 2007 - Amp'd users can breathe again; their phones aren't going to be cut off. Verizon (who provide the network that carries Ampd's calls) had threatened to disconnect the network after Amp'd failed to pay $33 million they owed Verizon, but the two companies have now reached an agreement that will keep the network running for the near future.
Amp'd filed for Chapter 11 bankruptcy on the 1st of June, listing Verizon as their single biggest creditor. Verizon had been threatening to cut Amp'd off, but the two companies have now reached a deal that will keep the network running. According to press reports, Amp'd will drop their lawsuit against Verizon about the threatend cutoff, and Verizon will in return keep the network running. No details were released by either company on the terms of the deal, or how long Verizon will continue to carry Amp'd users calls. However, a bankruptcy court judge allowed the company to continue using the cash it had to hand until the 25th, and this agreement should allow the company to keep runnning until an agreement can be negotiated with the creditors. Amp'd CEO and founder Peter Adderton left the company on the 14th and has not been replaced.
