Advanta files for bankruptcy protection

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Advanta files for bankruptcy protection

Copyright © 2009 Yahoo! All rights reserved. Privacy Policy - Terms of Service - Copyright Policy - Report Problems Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quote data delayed 15 minutes for Nasdaq, NYSE and Amex. Real-Time continuous streaming quotes are available through our premium service. You may turn streaming quotes on or off. All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Yahoo! is not an investment adviser and does not provide, endorse or review any information or data contained herein....
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Advanta Corporation Files Bankruptcy

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ADVANTA CORP Files SEC form 8-K, Bankruptcy or Receivership, Triggering Events That Accelerate or Increase a Direct F

Item 2.04 Triggering Events That Accelerate Or Increase A Direct Financial Obligation Or An Obligation Under An Off-Balance Sheet Arrangement. The Bankruptcy Filing described in Item 1.03 above constituted an event of default with respect to the following debt instruments and triggers, or may trigger, repayment obligations under the terms of certain instruments and agreements relating to direct financial obligations of the Company as set forth below (the "Debt Documents"): ? Senior Trust Indenture, dated as of October 23, 1995, by and among Advanta Corp. and The Bank of New York Mellon, as successor trustee (the "Senior Trust Indenture") with respect to approximately $138,000,000 of principal and accrued and unpaid interest on outstanding debt securities in the form of retail Investment Notes and RediReserve Certificates; and ? Indenture dated as of December 17, 1996 by and among Advanta Corp. and The Bank of New York Mellon, as successor trustee, (the "Indenture") with respect to approximately $99,375,000 of principal and accrued and unpaid interest on outstanding Series B Junior Subordinated Debentures (the "Subordinated Debentures") that are backing approximately $96,375,000 of principal and accrued and unpaid interest on outstanding trust preferred securities issued to third party investors by Advanta Capital Trust I (the "Capital Securities") and that are governed by the Amended and Restated Declaration of Trust of Advanta Capital Trust I dated December 17, 1996 (the "Declaration"). The Capital Securities are guaranteed by Advanta Corp. pursuant to the Series B Capital Securities Guarantee dated as of July 29, 1997 (the "Guarantee"). Subject to certain notice and other requirements that are set forth in the Senior Trust Indenture, the Indenture, the Declaration and the Guarantee, upon the occurrence of the event of default that is, or may be, triggered by the Bankruptcy Filing described ...
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[$$] Wage Freeze Is Lifted for Some at J.P. Morgan

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ADVANTA CORP Files SEC form 8-K, Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Tran

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing On November 9, 2009, Advanta Corp. (the "Company") received a notification (the "Notification") from the Listing Qualifications Department of The NASDAQ Stock Market LLC, indicating that it had determined, in accordance with Listing Rules 5100, 5110(b) and IM-5100-1, that the Company's Class A and Class B Common Stock (trading symbols: ADVNA; ADVNB) will be delisted from the Nasdaq Stock Market ("NASDAQ"). The Notification provides the following reasons for the delisting: (i) the filing by the Company and certain of its subsidiaries of voluntary petitions for relief under chapter 11 of title 11 of the United States Bankruptcy Code (the "Bankruptcy Filing") in the United States Bankruptcy Court for the State of Delaware (the "Bankruptcy Court") and associated public interest concerns raised by the Bankruptcy Filing; (ii) concerns about the residual equity interest of the existing listed securities holders; and (iii) concerns about the Company's ability to sustain compliance with all requirements for continued listing on NASDAQ. The Notification also refers to the notification that the Company received on September 15, 2009, as previously reported by the Company on the Form 8-K that the Company filed with the Securities and Exchange Commission on September 18, 2009, that it was out of compliance with NASDAQ's listing requirements because the bid price of the Company's Class A and Class B Common Stock had closed below $1.00 per share for 30 consecutive trading days. Trading in the Company's Class A and Class B Common Stock will be suspended at the opening of business on November 18, 2009, unless the Company requests an appeal of NASDAQ's delisting decision. The Company does not intend to appeal NASDAQ's delisting decision. The Company intends to enter into discussions with market makers to quote its Class A and Cl...
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Advanta Receives NASDAQ Delisting Notice

SPRING HOUSE, Pa.--(BUSINESS WIRE)--Advanta Corp. (NASDAQ: ADVNB; ADVNA) today announced that consistent with its expectations the Company was notified by The NASDAQ Stock Market, LLC (“NASDAQ”) that its two classes of Common Stock, Class A and Class B shares, will be delisted from NASDAQ. Trading in both classes of the stock will be suspended at the opening of business on November 18, 2009. The Company does not intend to appeal NASDAQ’s delisting decision. The notification provided the following reasons as the basis for delisting:The Company intends to enter into discussions with market makers to quote its Class A and Class B Common Stock on the OTC Bulletin Board (the “OTC BB”) and/or the Pink OTC Markets Inc. (the “Pink Sheets”). The Company’s Class A and Class B Common Stock will not be eligible for trading on the OTC BB or the Pink Sheets until at least one market maker agrees to quote such respective class of the Company’s Common Stock and, as a result, the Company’s Class A and/or Class B Common Stock may not be eligible to trade over the OTC BB or the Pink Sheets immediately following delisting by NASDAQ.This Press Release contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The most significant among these risks and uncertainties are: (1) the ability of the Company to continue as a going concern; (2) the ability of the Company and its subsidiaries to prosecute, develop and consummate one or more plans of reorganization with respect to the Bankruptcy Filing; (3) the effects of the Company’s Bankruptcy ...
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ADVANTA CORP Files SEC form 8-K, Other Events

Item 8.01 Other Events On November 8, 2009, Advanta Corp. (the "Company") filed a motion (the "Motion") with the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") seeking an order restricting (i) certain transfers of interest in the Company's Class A Preferred Stock, Class A Common Stock (trading symbol: ADVNA), and Class B Common Stock (trading symbol: ADVNB), and (ii) certain transfers of claims against the Company. The motion is intended to prevent certain transfers of the Company's equity securities and certain transfers of claims against the Company that could result in the loss of the tax benefit of the Company's net operating loss carryover. On November 10, 2008, the Company requested relief on an interim basis with respect to the restrictions on transfers of the Company's equity and the Bankruptcy Court entered an order on an interim basis granting that portion of the Motion relating to equity transfers and reserved ruling on that portion of the Motion relating to transfers of claims until a final hearing. All procedures reflected in the interim order and relating to equity transfers currently apply and must be complied with. A final hearing on the Motion is scheduled for December 4, 2009 at 11:00 a.m. before The Honorable Kevin J. Carey at the Bankruptcy Court, 824 Market Street, 5th Floor, Wilmington, Delaware 19801. If the requested final relief is granted, any acquisition, disposition, or other transfer of equity or claims in violation of the restrictions set forth in the proposed order (as attached to the Motion) on or after November 8, 2009 shall be null and void ab initio as an act in violation of the automatic stay under sections 105(a) and 362 of the United States Bankruptcy Code (the "Code"). The Motion applies to "Substantial Equityholders," being persons who are, or as a result of a transaction would become, the beneficial owner of 4.75% of the outstanding shares of either ...
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