A portion of revenues are from breakage (Futura Rewards) Whether this loyalty program will continue, probably unlikely. If customers are not redeeming the points then why collect.
The Aeroplan revenues make up about 75% of the total. But revenue from a few merchants make up the bulk. The remainder are smaller contributors.
Car dealerships have left the Aeroplan program over the coarse of a year, for whatever reasons. Futura should look into that.There was a decline in Aeroplan revenue, but the reasons were given in the recent court documents.
It would seem that being a reseller would make for easy money. But it doesn't appear that way. But to explore new directions would cost money. The past proves this is an expensive exercise.
The review of bids or an investment in the company will first take place before a plan of arrangement is drawn up. The company may not be sold, or only the tax losses. I assume they are still looking at some business combination/strategic investment. With some support, the company has a chance.