LodgeNet Checks Into Bankruptcy With Official Ch. 11 Filing
By Maria Chutchian
Law360, New York (January 28, 2013, 7:02 PM EST) -- LodgeNet Interactive Corp. on Sunday officially entered Chapter 11 bankruptcy after securing a $60 million financing deal allowing private equity firm Colony Capital LLC to take over the hotel entertainment provider's operations, following years of financial difficulties and an unsuccessful attempt to right itself in 2012.
With hotel revenue coming in below its expectations, the company said in mid-December that if it could not scrounge up $26 million to pay off outstanding debts to Home Box Office Inc. and DirecTV Group Inc., it would likely have to...