The youth-oriented cellular phone company Amp’d Mobile Inc. said over the weekend that it had declared Chapter 11 bankruptcy on Friday and plans to remain in business.

The nearly two-year-old, Los Angles-based mobile virtual network operator, which leases its coverage network, cited $100 million in debt to investors and partners, including Verizon Wireless, Motorola, and Best Buy.

Its investors have included Highland Capital Partners, MTV Networks and Universal Music Group. In the first quarter of 2006, national venture capital surveys said the company had scored the largest deal in the nation with $150 million in second-round financing.

In April, Amp’d said its subscriber figures were approaching the 200,000 mark, drawn by its 23 video channels, 14 stations and content providers that included MTV and Fox Sports. But the company also was known to suffer significant subscriber churn.

“As a result of our rapid growth, our backend infrastructure was unable to keep up with customer demand,” Amp’d said in a statement posted on its Web site. “We are taking this step as a necessary and responsible action to sustain and strengthen our momentum in the marketplace.”

The company, which has raised more than $360 million from investors, said it was working with one of its largest investors to obtain debtor-in-possession financing, and that its senior management team remains largely intact.