Air Miles Owner Loyalty Ventures Prepares Bankruptcy Filing (2)

<-rte-company state="{"_id":"00000186-c804-dd6f-adaf-ca963d230000","_type":"00000160-4b23-d8bd-adfd-4b3348fd0000"}">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 <-bsp-bb-link state="{"bbDocId":"RPIJSADWX2PS","_id":"00000186-c804-dd6f-adaf-ca963d240000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">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 <-rte-company state="{"_id":"00000186-c804-dd6f-adaf-ca963d270000","_type":"00000160-4b23-d8bd-adfd-4b3348fd0000"}">PJT Partners Inc. and <-bsp-bb-link state="{"bbHref":"bbg://securities/1117L%20US%20Equity","_id":"00000186-c804-dd6f-adaf-ca963d270001","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Akin Gump Strauss Hauer & Feld, while the lenders have retained <-rte-company state="{"_id":"00000186-c804-dd6f-adaf-ca963d270002","_type":"00000160-4b23-d8bd-adfd-4b3348fd0000"}">Piper Sandler Cos and <-bsp-bb-link state="{"bbHref":"bbg://securities/1128L%20US%20Equity","_id":"00000186-c804-dd6f-adaf-ca963d270003","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Gibson Dunn ...