Sioux Falls-based LodgeNet to continue operations during bankrup - KSFY News - Sioux Falls, SD News, Weather, Sports

Sioux Falls-based LodgeNet to continue operations during bankruptcy

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SIOUX FALLS, S.D. (AP) - A Sioux Falls-based company that provides Internet and on-demand movies to hotels and hospital rooms has announced it is filing for Chapter 11 bankruptcy protection and will be acquired by investment firm Colony Capital.

LodgeNet says it will continue to operate during the bankruptcy process. When the bankruptcy process is complete, Colony Capital will own LodgeNet.

LodgeNet says a Colony Capital affiliate will provide $60 million in new capital. It also has received commitments for up to $15 million in debt financing from creditors.

LodgeNet says it will form a strategic partnership with DirecTV.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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