In Phonic, Inc (INPC)

[ballyhooo]

Wireless Seller InPhonic Files Chapter 11 Bankruptcy In DelLast update: 11/8/2007 1:53:18 PM

By Peg Brickley
Of DOW JONES NEWSWIRES
Wireless services seller InPhonic Inc. (INPC) on Thursday filed for Chapter 11 protection in the U.S. Bankruptcy Court in Wilmington, Del. The Washington, D.C.-based company said it plans to sell itself at a bankruptcy auction, and has received an offer from Versa Capital Management to fund the Chapter 11 case and, ultimately, buy InPhonic. The company, which sells services and wireless devices via private-label Web sites, listed assets of $121 million and debts of $179 million in its bankruptcy petition. Microsoft Corp. (MSFT) was listed as the top unsecured creditor, owed $8 million, followed by Yahoo Inc. (YHOO), owed nearly $4 million and Google Inc. (GOOG), with a debt of $3.5 million, court documents say.