Some more interim developments in the Amp’d Mobile Chapter 11 bankruptcy court proceedings: the judge had extended its lifeline for another week, allowing the mobile phone network to tap $7.5 million in cash belonging to lender Verizon Wireless…the judge signed off on Amp’d request to use Verizon’s cash collateral until June 25. Bunch of other details, but key point is Verizon agreed to these interim terms. Amp’d owes Verizon, its largest creditor, about $33 million.
This despite an associate case from Amp’d: a lawsuit filed by it against VZW, seeking a court order barring the company from kicking Amp’d off its network. A bankruptcy court hearing on that dispute is scheduled for June 25 in Wilmington, reports AP.