Sixth and Final Distribution of Liquidating Trust Assets to Certain Liquidating Trust Beneficiaries
Pursuant to and in accordance with the Joint Plan of Advanta Corp., et al., under Chapter 11 of the Bankruptcy Code (as supplemented, modified, or amended, the "Plan"), the Trustee1 of the AC Liquidating Trust and Advanta Liquidating Trust (collectively, the “Trusts”) has made a Sixth and Final Distribution of certain Liquidating Trust Assets to Liquidating Trust Beneficiaries (the “Sixth and Final Distribution”).
The Sixth and Final Distribution represents the following recoveries:
- Subordinated Note Claims (“SubNote Claims”) against the Trusts received 1.2 cents on the dollar
- General Unsecured Claims (“GUCs”) against the Trusts recovered 0.5 cents on the dollar
- No further distributions are made to Investment Notes Claims and RediReserve Certificate Claims (collectively, “Retail Note Claims”) as these holders have received full distributions.
The initial Distribution, second Distribution, third Distribution, fourth Distribution, fifth Distribution, and Sixth and Final Distribution altogether represent the following cumulative recoveries:
- SubNote Claims against the Trusts received 29.7 cents on the dollar; and
- General Unsecured Claims against the Trusts received 71.4 cents on the dollar
The Sixth and Final Distribution is being made in accordance with the terms of the Plan and reflects total cash available for distribution after accounting for appropriate and necessary expense reserves to fully wind down the Trusts. As this is the final distribution, there will be no additional distributions on account of your Claims (as defined under the Plan).
Please follow the link below to view the Sixth and Final Distribution Analysis.
The Trustee and its professionals are working in close consultation with the Trust Advisory Board to wind down the Trusts as soon as practicable after the Sixth and Final Distribution. The Trustee will announce further updates, if any, on the website http://www.advantareorg.com as it deems necessary.
If you have any questions or would like additional information, please email us at LTRequest@acliquidatingtrust.com, or call the creditor hotline at 1-646-576-8146. Please refrain from calling Wilmington Trust as they do not have further information on these cases.
1Unless otherwise defined herein, capitalized terms shall bear the meaning ascribed to them in the Plan.