Advanta Disclosure Statement Gets Court OK

Law360, New York (December 16, 2010, 8:32 PM EST) -- Advanta Corp. received bankruptcy court approval Thursday for its disclosure statement and an extension of exclusivity for its reorganization plan after reaching an agreement with unsecured creditors on provisions in the plan pertaining to $52 million in claims asserted by two company executives.

Robert J. Lemons of Weil Gotshal & Manges LLP, an attorney for the debtors, said at a hearing in the U.S. Bankruptcy Court for the District of Delaware that the agreement restores absolute consent rights on the plan to the unsecured creditors committee...
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