Advanta to report $20M loss and consider sale

Advanta Corp., an issuer of bank credit cards, predicts a $20 million loss for the 1st qtr 1997. The company has hired an acquisitions specialist, BT Wolfensohn & Co., for guidance in seeking a possible joint venture or merger. Widespread bankruptcy and rising debt chargeoffs are weakening the credit card industry. Also troubling Advanta is the resignation of newly-hired chief operating officer, David A. Brooks.
Advanta Corp., one of the jewels of the credit card industry, may be on the block. Faced with rising chargeoffs and consumer bankruptcies, the Spring House, Pa.-based card company said [...]