InPhonic, which sells wireless products and services, sought bankruptcy protection after it agreed to be bought by a private-equity firm, Bloomberg News reported yesterday. InPhonic listed assets of $120.9 million and debt of $179.4 million in chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Wilmington, Del. InPhonic, which hired the investment banking firm Lazard last month to explore a possible sale, plans to sell its assets to an affiliate of Philadelphia-based Versa Capital Management, the company said. Seven affiliates of InPhonic also filed for bankruptcy protection yesterday. The company, which began operations in 1999, asked that the cases be jointly administered by the court.
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