Air Miles Owner Loyalty Ventures Prepares Bankruptcy Filing (2)

Loyalty Ventures Inc., which operates Canada’s Air Miles Reward Program, is preparing to file for bankruptcy protection in the coming days as the company grapples with the loss of customers, according to people familiar with the situation.

The company is continuing negotiations with creditors, which began earlier this year, to hammer out a restructuring deal, according to people familiar with the situation, who asked not to be named because talks are private.

Loyalty Ventures is working with PJT Partners Inc. and Akin Gump Strauss Hauer & Feld, while the lenders have retained Piper Sandler Cos and Gibson Dunn ...