{"schema_version":"secwatch.filing_event.v1","accession":"0001870997-23-000010","form_type":"8-K","ticker":null,"cik":"0001870997","company_name":"Loyalty Ventures Inc.","filed_at":"2023-03-10T23:59:59+00:00","discovered_at":"2026-05-14T18:03:47.290169+00:00","generated_at":"2026-06-18T05:56:32.331223+00:00","sec_items":["1.01","1.03","2.04","3.01","5.02","7.01","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":1.0,"calibrated_materiality_score":1.0,"confidence":"high","headline":"Loyalty Ventures files Chapter 11, stalking horse sale of AIR MILES for $160M","bullets":["Filed Chapter 11 in U.S. Bankruptcy Court; LoyaltyOne seeks CCAA protection in Canada.","Stalking horse deal with Bank of Montreal: $160M cash + assumed liabilities for AIR MILES; $3M break-up fee.","$70M DIP facility from BMO to fund LoyaltyOne during CCAA proceedings; interest at Base Rate +6%.","Credit Agreement debt accelerated: $32M revolver, $161.9M Term A, $462.5M Term B; payments stayed.","Company expects delisting from Nasdaq; NOL motion filed to protect tax attributes."],"urls":{"canonical":"https://secwatch.observer/filing/0001870997-23-000010","json":"https://secwatch.observer/filing/0001870997-23-000010.json","markdown":"https://secwatch.observer/filing/0001870997-23-000010.md","text":"https://secwatch.observer/filing/0001870997-23-000010.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1870997/000187099723000010/0001870997-23-000010-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1870997/000187099723000010/lylt-20230309x8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-18T05:56:32.331223+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"e70b65d574a0568fcd66b087c5104f62a041f132","claim":"Loyalty Ventures Inc. faced acceleration on credit facility of approximately $32,000,000 aggregate principal amount of the Revolving Loans, approximately $161,875,000 aggregate princi with Bank of America, N.A..","evidence_excerpt":"The commencement of the Chapter 11 Cases on the Petition Date as described in Item 1.03 of this Form 8-K constituted an event of default under the Credit Agreement. The Credit Agreement provides that as a result of the Chapter 11 Cases, the obligations thereunder, including principal and interest, are immediately due and payable including the approximately $32,000,000 aggregate principal amount of the Revolving Loans under the Credit Agreement, the approximately $161,875,000 aggregate principal amount of the Term A Loans under the Credit Agreement, and the approximately $462,500,000 aggregate principal amount of the Term B Loans under the Credit Agreement, outstanding thereunder.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1870997/000187099723000010/0001870997-23-000010-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Principal","value":"approximately $32,000,000 aggregate principal amount of the Revolving Loans, approximately $161,875,000 aggregate princi"},{"label":"Counterparty","value":"Bank of America, N.A."},{"label":"Event","value":"acceleration"}],"fact_type":"debt_financing"},{"claim_id":"4864371edfcb5c00992b005777c75ed5c96f1258","claim":"Loyalty Ventures Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2023-03-10).","evidence_excerpt":"on the Petition Date, the Debtors filed the Chapter 11 Cases in the Bankruptcy Court. The Debtors are requesting joint administration of the Chapter 11 Cases under the case number 23-90111 (CML).","evidence_source":"SEC 8-K Item 1.03","evidence_url":"https://www.sec.gov/Archives/edgar/data/1870997/000187099723000010/0001870997-23-000010-index.htm","confidence":0.9,"family_label":"Distress & Bankruptcy","details":[{"label":"Proceeding","value":"chapter 11"},{"label":"Court","value":"United States Bankruptcy Court for the Southern District of Texas"},{"label":"Petition","value":"2023-03-10"}],"fact_type":"distress_event"},{"claim_id":"044753bf8f","claim":"Claudia Mennen was terminated as Chief Executive Officer at Loyalty Ventures Inc..","evidence_excerpt":"Ms. Mennen’s employment agreement shall terminate by mutual consent on June 30, 2023","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1870997/000187099723000010/0001870997-23-000010-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"terminated"},{"label":"Role","value":"Chief Executive Officer"}],"fact_type":"executive_change"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}