Advanta net loss increases to $41.5 million in January, cash grows

By Lisa Kerner

Charlotte, N.C., Feb. 26 - Advanta Corp. posted a $41.5 million net loss for January on $14,000 in interest income, according to its monthly operating report filed Friday with the Securities and Exchange Commission.

The figures showed an increase from the $32.71 million net loss posted for December on $27,000 in interest income.

The company had $28.1 million in cash at Jan. 31, up from $9.6 million at the end of December.

Spring House, Pa.-based Advanta provides credit cards to small businesses through Advanta Bank Corp. The company filed for bankruptcy on Nov. 8 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-13931.

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