Advanta Corp., a bankrupt Montgomery County credit-card company, resolved significant conflicts with the creditors' committee in its bankruptcy case and received an important extension at a hearing Thursday in Wilmington.
The extension gives Advanta the exclusive right to submit a bankruptcy plan until Jan. 5 and the sole right to solicit votes on a plan until March 4. The decision by U.S. Bankruptcy Judge Kevin J. Carey clears the way for Advanta's creditors to vote on the plan Advanta submitted Nov. 2 and revised this week to gain the support of the creditors' committee.
The company's plan still says that retail note holders - the largest block of unsecured creditors - could expect to recover 64.4 percent to 100 percent of their investments. -Harold Brubaker