Earlier this week a Delaware bankruptcy judge approved Amp'd's already announced plan to pay Verizon Wireless $2.5 million to stay on its network. The figure will only pay down a portion of the $33 million bill Amp'd owes Verizon, which has billed its MVNO partner $10.6 million for June alone, according to court documents. VZW aimed to cutoff Amp'd's access to the network because the MVNO failed to make payments for the access, which led Amp'd to file bankruptcy to protect itself.
The recent settlement includes the $2.5 million payment as well as Amp'd dropping a lawsuit it had filed against VZW for threatening to kick it off the network. Reports indicate that the spat with Verizon has made it difficult for Amp'd to get funding for its reorganization.
For more on the Amp'd-Verizon agreement:
- read this AP article