Advanta Corp. (ADVNB,ADVNA) announced filing of a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Advanta has about $138 million of senior retail investment notes outstanding.
Advanta specified that it would not be able to meet all of its existing obligations over time, though it currently has close to $100 million in cash and equivalents on hand. The company said it is reviewing both existing and potential business opportunities in connection with the reorganization.
Advanta said its subsidiary Advanta Bank Corp., is not included in the Chapter 11 filing, but subsidiary's capital is, however, below regulatory capital requirements and over time may be turned over to an FDIC receivership.
For comments and feedback contact: editorial@rttnews.com
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.