Loyalty Ventures tumbles on bankruptcy plans

Loyalty Ventures

10/03/2023 12:48

** Shares of Loyalty Ventures Inc  LYLT.O  down 46.3% at
$0.31 before the bell 
    ** Says co and some of its units have filed for bankruptcy
protection 
    ** Says unit LoyaltyOne Co has sought protection under the
Companies' Creditors Arrangement Act (Canada)
    ** Separately, Bank of Montreal  BMO.TO  announced that it
would buy LoyaltyOne's AIR MILES Reward Program business 
    ** LYLT plans to voluntarily delist its stock from Nasdaq 
    ** Says previously announced sale of BrandLoyalty business
remains on track to close by Q2 2023 
    ** Shares of LYLT fell ~92% in 2022 

 (Reporting by Vansh Agarwal in Bengaluru)
 ((Vansh.Agarwal@thomsonreuters.com;))