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Monday, November 09, 2009
Advanta Corporation Files Bankruptcy
FOXBusiness
Advanta Corporation (ADVNA) announced Sunday night that it would file for Chapter 11 bankruptcy.
The Spring House, Pa.-based company said it had close to $100 million in cash and equivalents on hand, but will file for Chapter 11, because it must “address a shortfall” and will attempt to benefit stakeholders fairly.
“The economic debacle over the last two years devastated Advanta’s small business customers and Advanta itself,” said Dennis Alter, Chairman and CEO, in a statement.
Alter has agreed to waive his salary and any bonuses during the bankruptcy process.
Advanta Bank Corp. the banking division of the company and one of the country’s largest small business credit card issuers, is not included in the bankruptcy filing, since banking entities are not governed by bankruptcy court, but the bank may be taken into receivership by the Federal Deposit Insurance Corporation, the company said.
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