This just came in from the Potomac Tech Wire: Washington, DC -- In an ominous filing for a company that was once one of the region’s brightest stars, DC-based InPhonic, the online wireless device and service retailer, revealed on Friday that it has defaulted on interest payments that were due on Oct. 1. The latest move reveals the extent of the financial difficulties facing InPhonic and prompts more speculation about the possibility of a bankruptcy filing. “The lenders reserve their right to exercise any and all available rights and remedies available under the credit agreement,” the company said in the SEC filing. The company’s stock dropped an additional 17% in late day trading on Friday, after falling 60% on Thursday....
http://biz.yahoo.com/e/071012/inpc8-k.html
Uh oh.....this one does not sound good at all folks.
They made it official yesterday, the Post has the story.
Posted by: Tom Bridge | November 09, 2007 at 10:21 AM
The post "Inphonic Defaults On Loans - Bankruptcy Ahead?" is very informative... Thank you for the information....
Posted by: Stuart Pike | September 04, 2008 at 04:01 AM