Amp'd, Verizon agree on network deal

Embattled Amp'd Mobile announced a deal to continue operations on Verizon Wireless' network as the MVNO navigates its way through Chapter 11 bankruptcy proceedings. Per terms of the agreement, Verizon will allow Amp'd access to its network. In exchange, Amp'd will drop the lawsuit it filed after VZW declared default on the MVNO's wholesale agreement on May 22.

The settlement is expected to help Amp'd Mobile secure financing as its Chapter 11 case plays out. According to court papers filed last week, the Verizon litigation has "hindered [the company's efforts] to procure debtor in possession financing." Amp'd currently owes Verizon $33 million for network access and services. A settlement hearing is scheduled for Monday in U.S. Bankruptcy Court in Wilmington, DE.

For more on the Amp'd/Verizon settlement:
-read this Associated Press article

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-Judge OK's Amp'd cash flow