Originally Posted by threecap

Creative but not the first of its kind. It's pretty similar to what J Crew did a few years ago. Create an SPV offshore to hold assets (in J Crews case, it was their name/brands... in UAL's case it's the MP program). License the property back to the company. The UAL pitch deck even uses the same "IPCo" term. I think Goldman is/was the lead on both deals as well.