LodgeNet To Enter Ch. 11 With $60M Recapitalization Deal

Law360, New York (January 2, 2013, 2:33 PM EST) -- LodgeNet Interactive Corp., which provides Internet and video services to 1.5 million hotel rooms, said Monday that it is filing for bankruptcy and has entered an agreement with a real estate investment firm providing $60 million to support a recapitalization of the company.

Sioux Falls, S.D.-based LodgeNet said it also has the support of a steering committee of its lenders for a multiyear extension of its current $346 million secured credit facility.

The company has retained Weil Gotshal & Manges LLP for the restructuring, while Leonard...
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