Amp’d Mobile filed for Chapter 11 bankruptcy late on Friday. The company owes over $100 million dollars to a variety of creditors, including $33 million to network provider Verizon and $16 million to hardware provider Motorola. The virtual carrier has taken five rounds of funding from the like of MTV, Qualcomm and a number of investors. Chapter 11 allows a company to reorganize its debt, and does not indicate that Amp’d is going out of business, though in some cases Chapter 11 is a precursor to this. President Bill Stone says the company has been growing too fast, and that the MVNO will emerge from Chapter 11 stronger.