(RTTNews) - Loyalty Ventures Inc. (LYLT) and certain of its subsidiaries filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas. Loyalty Ventures intends to voluntarily delist its common stock, par value $0.01 per share from the Nasdaq Global Select Market and deregister the common stock.
Also, LoyaltyOne, Co., a subsidiary of Loyalty Ventures, sought protection under the Companies' Creditors Arrangement Act (Canada) with the Ontario Superior Court of Justice. LoyaltyOne filed motions seeking Canadian Court approval under the CCAA of a sale and investment solicitation process, under which, interested parties would be invited to participate in a sale process.
Separately, Bank of Montreal (BMO.TO, BMO), and its subsidiaries BMO Financial Corp. and BMO Harris Bank N.A, announced BMO's entry into a purchase agreement with LoyaltyOne pursuant to which BMO will acquire LoyaltyOne's AIR MILES Reward Program business.
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