Oasys Mobile, Inc. Files for Bankruptcy; Proposes Prepackaged Plan of Reorganization
On July 18, 2007, Oasys Mobile, Inc. filed a petition for bankruptcy under Chapter 11 of the Bankruptcy Code. Judge Christopher S. Sontchi of the United States Bankruptcy Court for the District of Delaware has been assigned to the case. The case number is 07-10961.
The debtor, which is a provider of mobile media content, reported assets in excess of $2 million, and liabilities of more than $11.5 million. Oasys has filed a pre-packaged plan of reorganization, proposing a debt for equity swap to wipe out over $8 million in senior secured debt on which the debtor had defaulted.
