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Air Miles Owner Goes Bankrupt, Plans Sale of Program to BMO

  • Loyalty Ventures spun off from Alliance Data in November 2021
  • Previously announced plans to sell BrandLoyalty business
Banks In Canada As Rising Rates Help Margins
Photographer: Della Rollins/Bloomberg
Updated on

Loyalty Ventures Inc., an operator of consumer rewards programs, filed for bankruptcy with plans to sell Canada’s Air Miles Reward Program to Bank of Montreal.

The company filed for Chapter 11 protection in Houston, Texas, court papers show. The bankruptcy filing allows Loyalty to keep operating while it works on a plan to repay creditors.