Aside from pushing out around one phone per year (at best), Iridium Satellite really hasn't had a major impact on the market over the past ten years. 'Course, that's probably because it's hard to have much impact after seeking bankruptcy protection in 1999, but we digress. Starting tomorrow, new life will be breathed into Iridium thanks to a merger with publicly traded GHL Acquisition. If all goes to plan, the merger will add over $200 million to the company's bank account, enabling it to pay down debt and develop a next-generation network of satellites to be launched in 2014. Furthermore, $160 million will be raised by issuing another 16 million shares at $10 a pop, and a new label (Iridium Communications) will be thrown on for good measure. Only time will tell if the world really is ready to adopt satellite phones en masse, but if TerraStar's latest deal is any indication, we'd say chances are good halfway decent.

Neonode AB, a wholly-owned subsidiary of US-based Neonode, Inc., has filed a petition for bankruptcy in Sweden. The company, which has focused almost all of its efforts on pushing the now aged Neonode N2 since 2004, finally caved after looking so vulnerable in late July. According to Per Bystedt, CEO and Chairman of Neonode: "For the past six months we have focused on turning the business around and solving the financial situation of Neonode AB; we continue to have great belief in our technology and believe we have a competitive product in the Neonode N2 but without sufficient funds we cannot continue operations." No word of a revamped OS. No word of hardware tweaks. Nothing that sounds to us like they really want to survive in today's high-stakes handset market. At any rate, the parent company is hoping to trudge on as a technology licensing company, with or without Mr. N2.

[Via GeekZone]

We already had a decent hunch that Prexar Mobile would come into play here, but a Delaware judge has officially green lit the sale of Amp'd Mobile to United Systems Access, which will give "thousands of customers a chance to switch carriers in the wake of the startup venture's collapse." United Systems will reportedly offer service to Amp'd customers under its Prexar Mobile brand, and interestingly, Amp'd will be getting a "25-percent stake in Prexar." Additionally, it was noted that Amp'd Mobile will be paid according to "how many of its customers switch service to the small Maine-based wireless provider, what plans the customers choose, and how long they stay with the new carrier." And you thought you'd never hear from these guys again.

[Via mocoNews]

Bankrupt Amp'd Mobile has received an ever-so-brief stay of execution this week, thanks in no small part to the federal court system. The US Bankruptcy Court in Delaware has ruled that the MVNO has permission to use $7.5 million in cash from its largest creditor (and underlying service provider) Verizon, a sum Verizon was ultimately hoping to avoid paying out. $2.45 million of that loan will be need be held in reserve, but the remainder should be enough to keep Amp'd up and running until June 25. What'll become of the carrier after Monday, though, remains to be seen, pending the result of a lawsuit asking the court to prevent Verizon from shutting off its service altogether.

[Via mocoNews]

'Tis a sad day for those at BenQ Mobile, as the Munich-based company will reportedly be split up and sold after failing to turn around the struggling unit it acquired from Siemens AG. Honestly though, this shouldn't come as any major surprise, as the endeavor has already had its plug pulled and suffered through an investigation into its bankruptcy filing, so it's simply following the unfortunately necessary series of events as its dwindles into oblivion. The outfit's insolvency administrator announced that there would be "no realistic chance" of it being sold off as a whole, but didn't elaborate on exactly which portions would be segmented for bidding. Furthermore, it's suggested that "nearly all of the 3,000 jobs" at the division would vanish, but at least 550 have purportedly already found employment in other areas. I guess we should now cue the sappy background music as we sneak a peek at BenQ mobiles that could have been, but sadly never were never will be.

Another day, another company slamming the doors shut, and another governmental group prying them back open to sniff things out. Shortly after BenQ pulled the plug on its German mobile division (and somehow got its P51 to China), chief senior public prosecutor Christian Schmidt-Sommerfeld has initiated an investigation to find out just what went down behind the scenes of the now-closed company. It's possible that "a number of bankruptcy-related offenses were committed," such as delaying their filing for bankruptcy and overstating how many units were sold in the most recent quarter by a couple million. Rumors had already surfaced regarding management's knowledge of the cashflow quandaries and their adamant indifference towards finding a solution, eliciting statements of "being lied to" to mar the already unfortunate closing. Nevertheless, we're sure someone will get to the bottom of all this, but unfortunately there's nothing they can do to bring all those unreleased (and sexy) mobiles to market.

[Via The Register]

Would-be Kickflip owners, Helio employees, rejoice: VK's back in the ring for another round. After a July 7 scare that had the Korean manufacturer facing liquidation, a bankruptcy court has ruled that they can conveniently forget their debts and obligations, freeing up cash for things like -- oh, you know -- manufacturing of phones. It'll apparently take the court a couple months yet to decide exactly if and how VK will be allowed to continue its turnaround, a decision that will be based largely on how the defunct company fares in the interim. If they agree to cut it out with the SLVR knockoffs, we're all for a complete recovery.