The company’s deal to sell Air Miles to Bank of Montreal is part of its plan to continue operating in bankruptcy
, an operator of consumer rewards programs, filed for bankruptcy with plans to sell Canada’s Air Miles Reward Program to Bank of Montreal.in Houston, court papers show. The bankruptcy filing allows Loyalty to keep operating while it works on a plan to repay creditors.Alliance Data Systems moved its HQ out of Plano in 2019. Now it’s creating a new North Texas firm
The company’s deal to sell Air Miles to BMO is not final, according to a statement. An affiliate of BMO has also agreed to provide $70 million of bankruptcy financing to a Loyalty Ventures affiliate, according to the statement. Loyalty listed assets of as much as $10 million and liabilities of as much as $1 billion in its bankruptcy petition. An affiliate, LoyaltyOne, also began restructuring proceedings in Canada.
The company has been grappling with dwindling liquidity and a loss of customers. In addition, Loyalty’s revenue has come under pressure because of operational challenges and macroeconomic turbulence. Its total revenue for the third quarter that ended Sept. 30 dropped by 4% year-over-year to $162 million, according to regulatory filings. A measure of earnings collapsed by 30% to $33 million.into a publicly listed company in November 2021. Earlier in March, Loyalty said it plans to sell its Dutch-based BrandLoyalty business to Opportunity Partners BV for $6 million.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Report: Under Pressure From Directors, Israeli Film Fund Drops “Loyalty Pledge”More than 50 Israeli filmmakers, including Guy Nativ ('Golda'), Hagai Levy ('Our Boys') and Nadav Lapid ('Synonyms'), had called for a boycott of the fund, which they said was engaging in political censorship.
Read more »
Alpha Sigma, Transform Ventures Partner on New $100M Crypto-Focused FundsDigital asset firms AlphaSigmaFund and transformventures are combining resources to create a one-stop capital and research shop with two new funds totaling $100 million in assets under management. BrandyBetz reports
Read more »
US digital asset fund, venture capital firm to raise $100 million for two new blockchain fundsAlpha Sigma Capital, a U.S.-based digital asset fund, and Transform Ventures, a venture capital firm, will raise $100 million for two new funds focused on the blockchain and so-called decentralized Web 3.0 ventures, Alpha Sigma founder and Chief Executive Officer Enzo Villani said on Wednesday.
Read more »
Column: Forget decency. In today's politics it's all about nastiness and party loyaltyRepublican Rep. Tony Gonzales was censured by his party for backing gun safety. There has been no clamor to sanction Rep. Ronny Jackson for a callous remark about President Biden.
Read more »
Who’s the top dog in Florida? K-9 March Madness tournament returnsThe Florida Sheriffs Association is once again holding its K-9 March Madness Tournament, featuring K-9s from agencies across the state, including K-9s Axle (Flagler), Bane (St. Johns), Kaos (Alachua) and Rip (Nassau).
Read more »