Advertisement
News
Advertisement

LodgeNet to reorganize

Wed, 01/02/2013 - 3:00pm
The Associated Press

A Sioux Falls, S.D.-based company that provides Internet and on-demand movies to hotels and hospital rooms has announced it is filing for Chapter 11 bankruptcy protection and will be acquired by investment firm Colony Capital.

KELO-TV reports that LodgeNet says it will continue to operate during the bankruptcy process. When the bankruptcy process is complete, Colony Capital will own LodgeNet.

LodgeNet says a Colony Capital affiliate will provide $60 million in new capital. It also has received commitments for up to $15 million in debt financing from creditors.

LodgeNet says it will form a strategic partnership with DirecTV.

Advertisement

Share This Story

X
You may login with either your assigned username or your e-mail address.
The password field is case sensitive.
Loading