Advanta eyes 60-day exclusivity extension to file plan, solicit votes

By Lisa Kerner

Charlotte, N.C., Sept. 3 - Advanta Corp. is seeking an extension to its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive filing period to Nov. 5 from Sept. 6 and the solicitation period to Jan. 3, 2011 from Nov. 3.

An extension of the exclusive periods "will increase the likelihood of a greater distribution to the debtors' stakeholders by facilitating an orderly, efficient and cost-effective plan process for the benefit of all creditors and permit the debtors to finalize a consensual Chapter 11 plan," the filing said.

Previously the court extended the exclusive filing period to Sept. 6 from June 7 and the solicitation period to Nov. 3 from Aug. 5.

A hearing is scheduled for Sept. 23.

Spring House, Pa.-based Advanta provides credit cards to small businesses through Advanta Bank Corp. The company filed for bankruptcy on Nov. 8, 2009. Its Chapter 11 case number is 09-13931.

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