LodgeNet Interactive files for bankruptcy
Jan 28 (Reuters) - LodgeNet Interactive Corp, a provider of on-demand video services to hotels and hospitals, filed for bankruptcy protection, and said private equity firm Colony Capital LLC will invest $60 million in exchange for full ownership of the reorganized company.
LodgeNet said on Sunday it would enter into an agreement with DirecTV, which will assume the cost of installing its systems.
The company's customers include hotels managed by Hilton Worldwide and Marriott International Inc.
The Sioux Falls, South Dakota-based company said its problems have been compounded by the increased use of mobile devices by hotel guests.
LodgeNet, which filed for a pre-packaged bankruptcy, said its restructuring agreement has the support of more than 56 percent of its lenders.
The company, which employs about 770 people, listed assets of about $291.7 million and liabilities of $448.7 million as of Sept.30.
The Case is In re: LodgeNet Interactive Corp, U.S. Bankruptcy Court, Southern District of New York, No:13-10238.
- Trucks from aid convoy to Ukraine start crossing back into Russia |
- Restraint marks Ferguson, Missouri protests for third straight night |
- Gaza gunmen execute 'collaborators'; mortar kills Israeli boy |
- U.S. says Russia must pull convoy from Ukraine or face more sanctions |
- U.S. hostage rescuers dropped from night sky: Syria activist