KSV is pleased to announce that the acquisition by Bank of Montreal (“BMO”) of LoyaltyOnes’s AIR MILES Rewards business was the recipient of the 2024 Canadian Law Awards Insolvency & Restructuring Deal of the Year.
In March 2023, LoyaltyOne, the operator of Air Miles, filed for protection under the Companies’ Creditors Arrangement Act (“CCAA”). The CCAA proceedings were recognized in the US under Chapter 15 of the US Code. KSV was the monitor appointed in the CCAA proceedings.
At the outset of the CCAA proceedings, BMO submitted an offer for LoyaltyOne’s business and assets pursuant to which it agreed to be a “stalking horse” in a court-supervised sale and investment solicitation process (the “SISP”). The SISP was conducted under the supervision of KSV, as monitor, and BMO’s offer for $160 million, was approved in June 2023 by the Ontario and US courts as the successful bid, resulting in the continuation of the LoyaltyOne’s business.
The CCAA proceedings are ongoing. Pursuant to court orders issued in the CCAA proceedings, KSV has been granted enhanced powers to assist to realize on LoyaltyOne’s assets excluded from the BMO transaction. Learn more about KSV’s role in these proceedings by visiting the case study our website, LoyaltyOne Co.
Congratulations to BMO and the Canadian and US law firms and the other organizations involved in the transaction, including Cassels Brock & Blackwell LLP, Goodmans LLP, Bennett Jones LLP, Borden Ladner Gervais LLP (BLG), Torys LLP and Akin Gump Strauss Hauer & Feld LLP. Congratulations to the KSV team who worked on the mandate and assisted to facilitate a successful outcome (Noah Goldstein, David Sieradzki, Murtaza Tallat and Meg Ostling).
