InPhonic Files Chapter 11

We recieved an “Urgent Message” at work today mentioning InPhonic’s application for chapter 11 bankruptcy. This company is the parent company of WireFly, a cell phone provider that sells AT&T service. Apparently, even with the bankruptcy, the company is not going out of business, but “restructuring”. It is “Business as Normal” at this time. The message specifically mentioned possible issues with mail in rebates, which is taken care of by InPhonic exclusively. AT&T can’t help you on that issue. See below for an exerpt of the Washington Post’s Article on the matter…

“InPhonic, which sells wireless products and services, sought bankruptcy protection after it agreed to be bought by a private-equity firm.

InPhonic listed assets of $120.9 million and debt of $179.4 million in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Wilmington, Del.

InPhonic, which hired the investment banking firm Lazard last month to explore a possible sale, plans to sell its assets to an affiliate of Philadelphia-based Versa Capital Management, the District firm said in a statement. The sale must be approved by the bankruptcy court.

“We intend to use this filing to take the actions necessary to position InPhonic for future success,” chief executive Andy Zeinfeld said in the statement.”