News: InPhonic (Wirefly) Files for Bankcruptcy, Versa Offers $50 Million Takeover

InPhonic, the parent company of Wirefly, has filed for bankcruptcy and has agreed to sell off their assets. They has also agreed a takeover of the firm by private equity group Versa Capital Management which reportedly bought over $90 million of debts and are offering $50 million in the takeover. InPhonic, of Washington, D.C., failed to make interest payments on its loans in October, drawing a default notice from the lenders. They listed their asset values as $121 million in the filed court papers. With an asset value of $121 million, that's not even enough to cover its debts. This must be the downfall of InPhonic.