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Los Angelas, CA -- (SBWIRE) -- 12/31/2012 -- LodgeNet Interactive Corp. (NASDAQ:LNET) said it will file for bankruptcy as part of an agreement with affiliates of Colony Capital LLC, which will invest $60 million for control of the interactive-media services provider to hotels.
The Colony affiliates will become the Sioux Falls, South Dakota-based company’s controlling shareholder through an expedited bankruptcy process, LodgeNet said in a statement today. Los Angeles-based Colony, with $38 billion in assets under management, will receive new common stock representing full ownership, according to the statement.
LodgeNet said it expects unsecured creditors will be paid in full for any pre-petition claims at the end of the Chapter 11 process. A steering committee of lenders holding the company’s debt will support a five-year extension of its existing $346 million secured credit facility, LodgeNet said.
The agreement also calls for LodgeNet and DirecTV (DTV) to operate as strategic partners within the hospitality and health- care markets, according to the statement. LodgeNet said DirecTV will help it deliver new and improved services.
LodgeNet fell to 5 cents from 8 cents at 9:50 a.m. in New York. The shares have dropped from a closing high this year of $4.38 on April 24.
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