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So here’s what we know so far…

The parent company for the Airmiles Rewards Program, Loyalty Ventures Inc. filed for Chapter 11 bankruptcy today.

However, BMO Financial Group announced a deal Friday to acquire the Air Miles loyalty rewards program from LoyaltyOne Co.

Air Miles president Shawn Stewart called the deal a significant step forward in solidifying the future of the Air Miles program.

“BMO’s agreement to purchase the Air Miles business has no impact on Air Miles collectors’ reward miles balances or on collectors’ ability to collect and redeem Air Miles reward miles,” Stewart said in a statement.

He went on to say that all Airmiles Cash and Dream miles are safe and secure‼️

The BMO deal for Air Miles has been proposed as part of LoyaltyOne’s proceeding under the Companies’ Creditors Arrangement Act in Canada.

The process will include a sale and investment solicitation process to seek any other interest in the Air Miles business and will require court approval.

BMO said the acquisition would accelerate the future growth of Air Miles.

“If our acquisition of the Air Miles business is successful, we will bring the ownership of Air Miles home to Canada and strengthen its offering for Canadian consumers and businesses together with leading Canadian, global and online program partners and merchants,” said Ernie Johannson, BMO’s group head, North American personal and business banking.

At this time, we(Discounts and Savings Canada) are not recommending whether to use or keep your current Airmiles balance. That choice is a personal one and you should do whatever feels right for you and your family.

We will continue to update you as more information becomes available.

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