Consumer rewards program operator Loyalty Ventures Inc. won approval to wind down in bankruptcy under a plan that contemplates a $160 million sale of the company’s Canadian Air Miles reward program to Bank of Montreal.
Judge Christopher Lopez of the US Bankruptcy Court for the Southern District of Texas approved the company’s Chapter 11 plan during an April 27 hearing, allowing Loyalty to form a creditor trust in the US while pushing ahead with the BMO transaction in parallel restructuring proceedings in Canada.
The plan preserves legal claims against Bread Financial Holdings Inc.—formerly Alliance Data Systems Corp.—and related parties arising ...
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