Advanta Corp. placed four additional affiliates under Chapter 11 bankruptcy protection, including the entity that owns Advanta's $2.7 billion in credit card receivables.
In papers filed Friday with the U.S. Bankruptcy Court in Wilmington, Del., the small-business lender asked that the bankruptcy cases of the four subsidiaries be jointly administered with 15 other Advanta entities that sought Chapter 11 protection Nov. 8.
The entities include Advanta Credit Card Receivables Corp., the subsidiary that owns Advanta Bank Corp.'s credit card receivables.
Advanta filed for Chapter 11 protection as it fought with federal regulators over its ability to recapitalize Advanta Bank, a wholly owned subsidiary that was not included in the bankruptcy filing.
