Attached files
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EX-99.1 - EX.99.1 - JANUARY MOR - ADVANTA CORP | mm02-2610_8ke991mor.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): February 26,
2010
Advanta
Corp.
|
(Exact
name of registrant as specified in its
charter)
|
Delaware
|
0-14120
|
23-1462070
|
||
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS Employer Identification
No.)
|
Welsh
& McKean Roads, P.O. Box 844, Spring House,
Pennsylvania
|
19477
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
Registrant’s
telephone number, including area code: (215) 657-4000
Not
Applicable
|
(Former
name or former address, if changed since last
report.)
|
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
£ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
£ Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
£ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
£ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item7.01.
|
Regulation FD
Disclosure
|
On February 26, 2010, Advanta Corp.
(the “Registrant”) and
certain of its subsidiaries (together with the Registrant, the “Debtors”) filed their
unaudited monthly operating report for the period commencing January 1, 2010,
and ending January 31, 2010 (the “Monthly Operating Report”),
with the United States Bankruptcy Court for the State of Delaware (the “Bankruptcy Court”) Case No.
09-13931 (KJC) (the “Chapter 11
Cases”). A copy of the Monthly Operating Report is contained in the
attached Exhibit 99.1 and is incorporated herein by reference.
Limitation
on Incorporation by Reference
In accordance with General Instruction
B.2 of Form 8-K, the information in this Item 7.01 is being furnished for
informational purposes only and shall not be deemed “filed” for purposes of
Section 18 of the Exchange Act, or otherwise subject to the liabilities of that
section, nor shall such information be deemed incorporated by reference in any
filing under the Securities Act of 1933, as amended, except as otherwise
expressly stated in such filing. The filing of this Form 8-K shall not be deemed
an admission as to the materiality of any information herein that is required to
be disclosed solely by Regulation FD.
Cautionary
Statement Regarding Financial and Operating Data
The Registrant cautions investors and
potential investors not to place undue reliance upon the information contained
in the Monthly Operating Report, which was not prepared for the purpose of
providing the basis for an investment decision relating to any of the securities
of the Registrant. The Monthly Operating Report has been prepared solely for the
purpose of complying with the operating guidelines as described in the Chapter
11 Trustee Handbook, United States Department of Justice, May 2004 in accordance
with 28 U.S.C. § 586(a)(3). The Monthly Operating Report is limited in scope and
only covers a limited time period.
The financial statements in the Monthly
Operating Report were not audited or reviewed by independent accountants and
were not prepared in accordance with accounting principles generally accepted in
the United States of America (GAAP). The Monthly Operating Report presents
condensed financial information of the Debtors.
There can be no assurance that, from
the perspective of an investor or a potential investor in the Registrant’s
securities, the Monthly Operating Report is complete. The Monthly Operating
Report may be subject to future adjustment and reconciliation. The Monthly
Operating Report also contains information for periods which are shorter or
otherwise different from those required in the Registrant’s reports pursuant to
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and such
information might not be indicative of the Registrant’s financial condition or
operating results for the period that would be reflected in the Registrant’s
financial statements or in its reports pursuant to the Exchange Act. The
information set forth in the Monthly Operating Report should not be viewed as
indicative of future results.
The Monthly Operating Report and
additional information about the Debtors’ filings under chapter 11 of title 11
of the United States Bankruptcy Code (the “Bankruptcy Code”), including
access to court documents and other general information about the Chapter 11
Cases, are available online at the Debtors’ case administration website located
at http://www.advantareorg.com.
Cautionary
Statement Regarding Forward-Looking Statements
This Current Report on Form 8-K
contains forward-looking statements that are subject to certain risks and
uncertainties that could cause actual results to differ materially from those
projected. The most significant among these risks and uncertainties are: (i) the
Registrant’s ability to obtain Bankruptcy Court approval with respect to motions
in the Chapter 11 Cases; (ii) the ability of the Debtors to prosecute, develop
and consummate one or more chapter 11 plans with respect to the Chapter 11
Cases; (iii) the effects of the Debtors’ filing of voluntary petitions for
relief (the “Bankruptcy
Filing”) under the Bankruptcy Code on the Registrant and the interests of
various creditors, equity holders and other constituents; (iv) the Bankruptcy
Court’s rulings in the Chapter 11 Cases and the outcome of the Chapter 11 Cases
in general; (v) the length of time the Registrant will operate under the Chapter
11 Cases; (vi) the risks associated with third party motions in the Chapter 11
Cases, which may interfere with the Registrant’s
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ability to
develop and consummate any chapter 11 plan once any such plan is developed;
(vii) the potential adverse effects of the Chapter 11 Cases on the Registrant’s
liquidity or results of operations; (viii) the Registrant’s ability to execute
the Registrant’s chapter 11 plan; (ix) the increased legal costs related to the
Bankruptcy Filing and other litigation; (x) the Registrant’s ability to maintain
contracts with suppliers and service providers and to retain key executives,
managers and employees; (xi) the risk that Advanta Bank Corp. will not be able
to regain compliance with the capital levels and ratios required by the Federal
Deposit Insurance Corporation (the “FDIC”); and (xii) the risk
that the FDIC will pursue further regulatory actions against Advanta Bank Corp.
and/or Advanta Bank, a wholly owned subsidiary of the Registrant. The cautionary
statements provided above are being made pursuant to the provisions of the
Private Securities Litigation Reform Act of 1995 (the “Act”) and with the intention
of obtaining the benefits of the “safe harbor” provisions of the Act for any
such forward-looking statements. Additional risks that may affect the
Registrant’s future performance are detailed in the Registrant’s filings with
the Securities and Exchange Commission, including its most recent Annual Report
on Form 10-K and its Quarterly Reports on Form 10-Q.
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Item 9.01. Financial Statements
and Exhibits
(d) Exhibits.
Exhibit
Number
|
Description
|
|
99.1
|
Advanta
Corp. Monthly Operating Report for the period commencing January 1, 2010,
and ending on January 31, 2010, filed with the United States Bankruptcy
Court for the District of Delaware.
|
|
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
ADVANTA
CORP.
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Date: February
26, 2010
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By:
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/s/
Jay A. Dubow
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||
Jay
A. Dubow, Chief Administrative Officer, Senior Vice President, Secretary
and General Counsel
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