US content aggregator Oasys Mobile has filed for Chapter 11 bankruptcy protection.
The company had been trying desperately to find alternatives to this sorry eventuality, but time ran out. Two board members resigned earlier this month, and then the company defaulted on $8.84 million in loan repayments and interest.Market watcher BizJournals reports that Oasys has now agreed to sell its equity to Associated Partners and Rock Hill Partners, the two investment firms to which it owned the money. It could exit Chapter 11 as soon as October. For the moment, it will trade as normal.
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