MocoNews' Rafat Ali reports that Amp'd Mobile has filed for Chapter 11 bankruptcy -- the company owes about $33 million to its infrastructure provider Verizon Wireless and $16 million to handset provider Motorola, among others. MocoNews has a PDF of the bankruptcy filing available here.

Engadget's Ryan Block is confused. "We know the business has almost 200k subscribers, but apparently the business 'couldn't keep up with the growth' -- but since when does growth and consumer interest in an MVNO's service equal business-rattling financial problems?" he asks. "Sounds like something weird is going on, but remember, chapter 11 just means down, not out. (Unlike the entirely out MobileESPN.)"

But GigaOm's Om Malik says it just proves the weakness of the entire MVNO (mobile virtual network operator) model. "It is a business not for the faint of heart and needs pockets as deep as a sub-saharan well," he writes. "Perhaps that is why we are not the least bit surprised by Amp'd Mobile filing for bankruptcy."

In fact, Malik notes, "With Amp'd restructuring, Helio is the only high end MVNO left standing, and even they are costing their parents, EarthLink and SK Telecom, some serious money."

More here from the Hollywood Reporter ... more here from RCR Wireless News ... more here from TECH.BLORGE.com ... more here from MobileBurn ... and the press release is here.