US online mobile reseller InPhonic has filed for Chapter 11 bankruptcy protection and agreed a takeover of the firm by private equity group Versa Capital Management. The sale is subject to higher and better offers, and InPhonic anticipates completing the sale before the end of the year, subject to court approval. InPhonic will continue to conduct normal business operations at all of its facilities. Versa has agreed to provide financing for working capital and the transition in ownership.

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