Loyalty Ventures gets final approval of $30 million DIP facility

By Sarah Lizee

Olympia, Wash., April 5 – Loyalty Ventures Inc. received final approval of a $30 million intercompany debtor-in-possession facility, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Loyalty Ventures is the borrower and LoyaltyOne, Co. is the lender.

As a reminder, on March 10, Loyalty Ventures and some of its subsidiaries filed Chapter 11 petitions, and subsidiary LoyaltyOne sought protection under the Companies’ Creditors Arrangement Act in the Ontario Superior Court of Justice. As part of the CCAA proceedings, LoyaltyOne lined up a $70 million DIP secured credit facility with Bank of Montreal.

Loyalty Ventures is a Dallas-based operator of consumer rewards programs. The company filed Chapter 11 bankruptcy under case number 23-90111.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.