LodgeNet files for Ch. 11, plans sale to Colony

January 28, 2013

LodgeNet Interactive Corp. says it is filing for Chapter 11 bankruptcy protection as part of a plan to sell itself to investment firm Colony Capital for $60 million.

The Sioux Falls, S.D., company, which provides Internet and on-demand movies to hotels and hospital rooms, said Monday that it is starting the Chapter 11 process with a filing in the Southern District of New York. It expects to complete its restructuring within 60 days.

LodgeNet said Dec. 31 that it would file for and be acquired by Colony Capital.

The will provide LodgeNet with $60 million in new capital. LodgeNet also received commitments for up to $15 million in from creditors and said it will form a partnership with pay-TV provider DirecTV.

Explore further: Director Cameron's company files for bankruptcy

0 shares

Related Stories

Director Cameron's company files for bankruptcy

September 11, 2012

(AP)—The digital production company founded by "Titanic" director James Cameron has filed for bankruptcy protection in the U.S. and Canada and reached a deal to sell its operating business to a private investment firm for ...

Tribune leaves bankruptcy after 4 years

December 31, 2012

(AP)—Tribune Company says it has emerged from a Chapter 11 restructuring more than four years after the media company sought bankruptcy protection.

FairPoint phone company files for bankruptcy

October 26, 2009

(AP) -- Telecommunications services provider FairPoint Communications filed for Chapter 11 bankruptcy protection Monday after agreeing on a deal with key lenders that will help lower its debt by about 62 percent.

Simmons plans to file for bankruptcy protection

September 25, 2009

(AP) -- Simmons Co., the maker of Beautyrest mattresses, said Friday that it plans to file for Chapter 11 bankruptcy protection in a move that will put new owners in charge of the bedding unit and significantly lower the ...

Recommended for you

WhatsApp vulnerable to snooping: report

January 13, 2017

The Facebook-owned mobile messaging service WhatsApp is vulnerable to interception, the Guardian newspaper reported on Friday, sparking concern over an app advertised as putting an emphasis on privacy.

US gov't accuses Fiat Chrysler of cheating on emissions

January 12, 2017

The U.S. government accused Fiat Chrysler on Thursday of failing to disclose software in some of its pickups and SUVs with diesel engines that allows them to emit more pollution than allowed under the Clean Air Act.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.