Sullivan & Cromwell Aids Colony's $70M Recap Of LodgeNet
By Liz Hoffman
Law360, New York (March 29, 2013, 8:23 PM ET) -- Real estate private equity firm Colony Capital LLC has acquired LodgeNet Interactive Corp. through a $70 million recapitalization and a new $358 million long-term loan, installing new management and paving the media company's path out of a quick prepackaged bankruptcy.
The transaction wipes out existing preferred and common stockholders and installs Colony as LodgeNet's new owner, with 100 percent of its shares. The purchase price and new credit facility are both sized up from an original plan sketched out in December, which called for a $60...