Advanta Corp.’s Board of Directors Authorizes Liquidati
Assets with Goal of Maximizing Recovery to Stakeholders
January 11, 2010 01:41 PM Eastern Time
SPRING HOUSE, Pa.--(EON: Enhanced Online News)--Advanta Corp. (OTC: ADVBQ; ADVNQ) announced today that consi
objectives of filing voluntary petitions for relief under chapter 11 of the U.S. Bankruptcy Code on November 8, 2009, its Board of
authorized the related bankruptcy-filing debtor entities (the “Debtors”) to liquidate their assets in order to maximize value for their st
Advanta Bank Corp. and Advanta Bank were not included in the bankruptcy filing and are therefore not Debtors.
The Debtors intend to prepare a chapter 11 plan that will describe the liquidation of assets. As part of the plan to liquidate, the Com
create a liquidating trust or other entity or vehicle to hold certain assets that it may not be feasible or desirable to liquidate either no
The Company expects that there will be no distributions to the Company’s preferred or common stockholders, nor continuing intere
(or liquidating trust) on the part of the preferred or common stockholders, as a result of any plan that is approved by the Bankruptc
Advanta Corp. has had a 59 year history of being a leading innovator in the financial services industry and of providing great value t
including its senior retail note holders and shareholders, prior to the recent reversals. It has also been a major civic and charitable fo
communities in which it is based, particularly in the Greater Philadelphia area.
For more information about the bankruptcy proceedings, please visit www.advantareorg.com.
This Press Release contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual res
materially from those projected. The most significant among these risks and uncertainties are: (1) the Registrant’s ability to obtain Ba
approval with respect to motions in the Debtors’ chapter 11 cases (the “Chapter 11 Cases”); (2) the ability of the Deb