Maryland company buys bankrupt Movida

APC Wireless subsidiary Cozac Wireless LLC has bought Movida Communications Inc. for $2.8 million.

Kansas City-based Movida, which provides wireless service to the U.S. Hispanic market through Sprint Nextel Corp.'s wireless network,filed for Chapter 11 bankruptcy protection in Delaware on March 31.

APC Wireless is based in Rockville, Md. CEO Paul Greene said Wednesday that Cozac bought Movida on Friday. Eight of Movida's 10 remaining employees transferred to Cozac, he said, and Cozac hired back four former Movida employees.

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The Delaware bankruptcy court approved the sale last week and detailed the purchase in a filing. Cozac paid $600,000 at closing and will pay $1 million within 60 days of closing, $600,000 within 90 days and $600,000 within 120 days.

Greene said Cozac will continue Movida's presence in "big box" stores but also will sell its services at cell phone stores. Movida will continue to provide its service through the Sprint Nextel wireless network, he said.

Sprint Corp., a predecessor of Overland Park-based Sprint Nextel (NYSE: S),partnered with a Venezuelan media conglomerate in February 2005to back Movida. Movida was started by a handful of former Sprint executives.