The Effective Date for the Debtors' Joint Plan Under Chapter 11 of the Bankruptcy Code Occurred on February 28, 2011
On November 2, 2010, Advanta Corp. and its affiliated debtors (the "Debtors1") filed with the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") the following documents:
- the Disclosure Statement for Debtors’ Joint Plan Under Chapter 11 of the Bankruptcy Code (as modified, the "Disclosure Statement"), and
- the Debtors' Joint Plan Under Chapter 11 of the Bankruptcy Code (as modified, the "Plan").
On December 17, 2010, the Court entered an order approving the Disclosure Statement, as modified (the "Disclosure Statement Order"). Based on the outcome of the vote, the Plan was overwhelmingly accepted by each of the 11 impaired accepting Classes.
On February 10, 2011, the hearing to consider confirmation of the Proposed Plan was held before the Honorable Kevin J. Carey, United States Bankruptcy Judge at the Bankruptcy Court in Wilmington, Delaware. On February 11, 2011, the order confirming the Plan was entered by the Bankruptcy Court. The Effective Date occurred on February 28, 2011 (the "Effective Date"), and the Plan (as modified February 28, 2011) was substantially consummated.
Pursuant to the Plan, the Liquidating Trustees shall make an initial distribution as soon as practicable after the Effective Date and use commercially reasonable efforts to make an initial distribution within ninety (90) days of the Effective Date. This does not mean that the Liquidating Trustees will certainly make such a distribution within such time period, but that they will use commercially reasonable efforts to do so. Additionally, no distribution, including the initial distribution, need be a complete distribution of the assets of the various trusts; due to certain contingencies, the Liquidating Trustees may be required to maintain certain reserves of assets and therefore distribute assets to the creditors by way of multiple distributions at varying times.
Please find links to the Notice of Effective Date, the Plan, Disclosure Statement, the Disclosure Statement Order, and certain other relevant documents regarding voting for the Proposed Plan and the Confirmation Hearing below:
|Notice of Effective Date (Notice of (A) Entry of Order Confirming Debtors' Joint Plan Under Chapter 11 of the Bankruptcy Code, As Modified, and (B) Occurrence of Effective Date) Filed by Advanta Corp., et al., (Entered: 03/01/2011)||Click Here|
|Chapter 11 Plan of Reorganization Filed by Advanta Corp., et al. (02/28/2011)||Click Here|
|Notice of Non-Material Modifications to Debtors' Joint Plan, As Modified Filed by Advanta Corp., et al. (02/28/2011)||Click Here|
|Plan Supplement in Support of the Debtors' Joint Plan Under Chapter 11 of the Bankruptcy Code (2/09/11)||Click Here|
|Chapter 11 Plan of Reorganization (Blackline) Filed by Advanta Corp., et al. (2/08/2011)||Click Here|
|Plan Supplement in Support of the Debtors’ Joint Plan Under Chapter 11 of the Bankruptcy Code (1/22/11)||Click Here|
|Disclosure Statement for Debtors’ Joint Plan Under Chapter 11 of the Bankruptcy Code (12/17/2010)||Click Here|
|Order (I) Approving the Disclosure Statement, (II) Approving Notice and Objection Procedures for the Disclosure Statement Hearing, (III) Establishing Solicitation and Voting Procedures, (IV) Scheduling a Confirmation Hearing, and (V) Establishing Notice and Objection Procedures for Confirmation of the Proposed Plan. (related document(s) 895, 896, 899, 1005, 1007, 1008, 1011, 1028, 1029, 1037, 1038, 1039) Order Signed on 12/17/2010 (Entered: 12/17/2010)||Click Here|
|Debtors’ Joint Plan Under Chapter 11 of the Bankruptcy Code (12/17/2010)||Click Here|
|Schedule 12.10 - List of Proofs of Claims Which are Disallowed Because They are Duplicative of the Proofs of Claims Already Filed by the Applicable Indenture Trustee||Click Here|
|Notice of Objection to Certain Investment Note Claims and Redireserve Certificate Claims||Click Here|
1Please see a list of the Debtors and relevant case information under the tab labeled "Case Information".