Advanta Seeks OK For Liquidation-Heavy Ch. 11 Plan

Law360, New York (February 9, 2011, 6:00 PM EST) -- Bankrupt credit card issuer Advanta Corp. has asked a bankruptcy judge to confirm its Chapter 11 reorganization plan, saying most creditors are on board.

Any remaining objections to its plan lack merit, Advanta said Tuesday in a filing in the U.S. Bankruptcy Court for the District of Delaware.

Under Advanta's plan for its reorganization, most of its assets will go into six liquidating trusts for distribution to stakeholders.

A seventh trust will hold stock in a reorganized Advanta, along with its subsidiaries; own a portion of...
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