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News Breaks | | | | December 31, 2012 | | 09:02 EDT |  | LNET | LodgeNet agrees to $60M recapitalization with Colony Capital
LodgeNet announced that it has entered into a definitive agreement with a syndicate formed by an affiliate of Colony Capital, pursuant to which the Colony Syndicate will provide $60M of new capital to support a proposed recapitalization of the company. In addition, the company has received support from a steering committee of its lenders holding its debt for a multi-year extension of its existing $346M secured credit facility. The transaction will be implemented through an expedited Chapter 11 bankruptcy process, at the conclusion of which the Colony Syndicate would become the controlling stockholder of the company. | |
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