LodgeNet files for Ch. 11, plans sale to Colony

LodgeNet files for Ch. 11 bankruptcy protection as part of $60M sale to investment firm Colony

Associated Press

NEW YORK (AP) -- 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 Chapter 11 bankruptcy protection and be acquired by Colony Capital.

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

Rates

View Comments (1)

Recommended for You

  • This is what a monopoly looks like

    On Saturday, I walked into a Comcast customer service center in order to return a Comcast-owned cable modem. Comcast is the only company that offers high-speed internet access at my current address. The problem goes beyond long wait times at the customer service center.

    Vox.com
  • 1 Tip To Lose Belly Fat

    It's Hollywood's Hottest Diet And Gets Rid Of Stubborn Fat Areas Like Nothing Else.

    AdChoicesagoodcooksSponsored
  • Impact Investing Is Kind Of A Big Deal

    Audrey Choi, CEO of Morgan Stanley’s Institute for Sustainable Investing explains the underlying drivers as a confluence of circumstances, “While the concept of adapting one’s investment philosophy to align with institutional or individual values has been around for centuries, today, a number of…

    Forbes from RSS
  • Lufthansa to order 25 new Airbus planes for $3.24 billion

    Germany's Lufthansa (LHAG.DE) said on Wednesday it had agreed to order 25 new Airbus (AIR.PA) planes worth 2.5 billion euros ($3.24 billion / 1.99 billion pounds) at list prices to replace older aircraft and cut fuel costs at two subsidiary airlines. Lufthansa's supervisory board agreed to buy 10…

    Reuters
  • How Mercedes-Benz, BMW, and Lexus Powered Ahead of America's Luxury Brands in August

    The Lexus RX, which was the top-selling individual luxury vehicle in August. Lexus led the way in unit sales for the month. The luxury auto market is doing quite well on the coattails of a prospering overall auto market and improving economy.

    Motley Fool
  • Autumn gas prices expected to hit a 4-year low

    Retail gas prices could drop another 20 cents, bringing them to their lowest level since fall of 2010. The national average price for a gallon of regular gas, already down to $3.37, could drop another 20 cents-good news for consumers this fall ahead of the holiday shopping season, according to…

    CNBC
  • BP Lawyers Use Old-School Trick; Judge Not Amused

    A legal filing tied to the company's Gulf oil spill case was supposed to have been capped at 35 pages. But lawyers for BP got a little creative with the spacing.

    NPR.org from RSS
  • Margaritaville casino owners seek bankruptcy

    The owner of Biloxi's Margaritaville casino has filed for Chapter 11 bankruptcy protection Tuesday, only hours before a hearing where the landlord aimed to seize the property. The filing by MVB Holding LLC in U.S. Don Dornan, a lawyer for landlord Clay Point LLC, said the company had planned to ask…

    Associated Press
  • Best Womens Wrinkle Creams 2014

    Mom reveals simple wrinkle solution that has researchers very excited. Try this free solution today to look and feel years younger.

    AdChoicesBellaLabs.comSponsored
  • CNBC Anchor Calls Out Fed-Hater Bill Fleckenstein In Startling Shouting Match

    CNBC Bill Fleckenstein of Fleckenstein Capital appeared on CNBC's Futures Now program on Tuesday. Futures Now host Jackie DeAngelis came out swinging, asking Fleckenstein right at the top if he was willing to admit that he had misunderstood monetary policy. Sounding taken aback, Fleckenstein…

    Business Insider
  • Play

    Valuation king says don't buy Alibaba

    Despite a fairly valued IPO, Aswath Damodaran, NYU professor of finance, explains why investors should not buy the hype of Alibaba.

    CNBC Videos
  • How Boomers Can Play Nice With Millennials At Work

    Here, two boomers — who parent and work with Millennials — offer their take on the generation gap and how boomers can help bridge it: The anecdotes have become stereotypes: Millennials — those graduating from college from roughly 2003 to 2018 — arriving at job interviews in flip-flops, inquiring…

    Forbes
  • As Fed takes baby steps, Cramer's trick for profit

    In turn, Cramer says making money in the market, involves looking at the environment through the lens of the Fed. "The trick is to remember that they speak for the common person," Cramer said. "The Fed wants the common person to make money." With that backdrop always in mind, Cramer says it becomes…

    CNBC
  • BP Seeks Access to $750 Million Transocean Insurance

    BP Plc (BP/), which has paid more than $28 billion for the 2010 Gulf of Mexico oil spill, asked a Texas court to let it tap into $750 million in Transocean Ltd. (RIG)’s insurance policies on the doomed Deepwater Horizon rig. BP filed claims with Transocean’s carriers in 2010, seeking to tap a $50…

    Bloomberg from RSS
  • Cheap Oil and Expensive Oil Tankers: This Is Contango

    During the last half of 2008, as the global economy ground to a halt, the price of oil fell from an all-time high of $145 a barrel to less than $40. Thus was born the booming demand for oil tankers, or any other place to stash low-cost crude. The futures markets had entered something traders call…

    BusinessWeek
  • Tired of Living Paycheck to Paycheck?

    New website reveals how to save $1,000's when you're living paycheck to paycheck. See exactly how.

    AdChoices Media ForceSponsored
  • Crude Oil Prices Skid as Refining Slows

    Total gasoline inventories decreased by 1.6 million barrels last week and remain in the middle of the five-year average range. Total motor gasoline supplied (the EIA’s measure of consumption) averaged 9 million barrels a day for the past four weeks, up by 0.4% compared with the same period a year…

    24/7 Wall St.
  • Apple iPhone 6 Weekend Sales May Miss, No Worries, Says Bernstein

    Bernstein Research's Toni Sacconaghi today reiterates an Outperform rating on Apple (AAPL) stock, and a $108 price target, warning that Apple may miss high expectations for first-weekend sales of the iPhone 6 and 6 Plus when they go on sale this Friday, but that it may not matter much. Observes…

    Barrons.com
  • Here’s What Your Supermarket Will Look Like in 50 Years

    A New York-based food design agency has envisioned what your grocery store will look like in 2065, and you’ll only have to wait a year to find out. Whether it will focus on products resulting from sustainable agricultural practices or forgo packaging all together, two recent projects are showing…

    The Fiscal Times
  • How Much Savings and Growth Do You Need to Retire?

    A recent report from State Street's Center for Applied Research shows that investors are leaning in the direction of cash allocation. It's the kind of data that shows how retirement planning can slip out of balance. Striking an optimal balance means having cash reserves for emergencies but also…

    The Motley Fool from RSS
  • Austrian court unfreeze ex-U.S. diplomat's family assets

    Austrian court unfreeze ex-U.S. diplomat's family assetsVIENNA (Reuters) - An Austrian court has unblocked assets owned by the wife of former U.S. diplomat Zalmay Khalilzad, ruling that Vienna prosecutors overstepped their authority by having her bank

    Reuters
  • Masters in Accounting or Forensic Accounting

    Study online in your spare time and graduate in less than two years. Accredited program from New England College School of Accounting.

    AdChoicesNew England CollegeSponsored
  • 6 Restaurants Struggling With High Food Prices

    Certain segments of the food industry have been operating at a heightened threat level for many years now. While fast food has pretty much remained impervious to overall shifting economic conditions in many respects, eateries on business terraces above that level have been hit fairly hard by the…

    The Cheat Sheet