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Advanta files for bankruptcy protection

Published on 10 Nov 2009 under category: legal

Advanta Corp has filed for Chapter 11 bankruptcy protection.

The US small business credit card lender made the application on Sunday (November 8th).

Advanta has blamed the economic downturn for the move.

The company said that the market and the impact this has had on small business owners over the last two years has led to the Chapter 11 application.

Court documents related to the application state that the firm has debts of $331 million (£197 million) along with assets of $363 million.

The papers also show that Advanta Bank Corp, which is a wholly-owned subsidiary of Advanta Corp, is not included in the bankruptcy protection filing.

Elsewhere, Teton Energy has this week revealed that its subsidiaries have filed for Chapter 11 and have put forward a reorginisation plan.

This proposal outlines the structure of Teton when it comes out of bankruptcy and gives details regarding the re-vesting of the company's assets.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.