T-Mobile MVNO Solavei files for Chapter 11 bankruptcy
T-Mobile MVNO Solavei that operates since September 2012 has announced last week a financial restructuring under the Chapter 11 bankruptcy protection. The purpose of filing this voluntary petition is to reorganize its debt to be” in line with operating income and more accurately align costs and infrastructure needs.”
Solavei has filed for the Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Western District of Washington. The company expects Chapter 11 protection to be approved and finished by the end of 2014. In the meantime, during this process, Solavei will continue to operate as usual. Their customers will continue to get service and won’t be affected in any way.
“We believe the actions taken today will give Solavei the flexibility it needs to better serve our significant member base in a high growth and rapidly changing market,” said Solavei CEO Ryan Wuerch. “Solavei members and employees will notice no changes in service or operations as we work with our vendors and investors to refine the social commerce platform and model we pioneered. Solavei will emerge from this process equipped to continue our growth with strong operations, a better cost structure, and opportunity for our members.”
Solavei pays their existing customers for bringing new ones to their service. They offer service plans that start at $29 per month for unlimited talk, text and international SMS only. Data plans start at $39 per month for unlimited talk, messaging (SMS/MMS), international SMS and data throttled to 2G speeds after first 500 MB of high-speed data. The $49 plan includes 2 GB of high-speed data while the $69 plan comes with 4 GB of high speed data.
Source: Fierce Wireless