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Judge lets Amp'd tap $7.5 million loan

Chris Ziegler

Bankrupt Amp'd Mobile has received an ever-so-brief stay of execution this week, thanks in no small part to the federal court system. The US Bankruptcy Court in Delaware has ruled that the MVNO has permission to use $7.5 million in cash from its largest creditor (and underlying service provider) Verizon, a sum Verizon was ultimately hoping to avoid paying out. $2.45 million of that loan will be need be held in reserve, but the remainder should be enough to keep Amp'd up and running until June 25. What'll become of the carrier after Monday, though, remains to be seen, pending the result of a lawsuit asking the court to prevent Verizon from shutting off its service altogether.

[Via mocoNews]

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