Reuters: Bankruptcy News: LodgeNet says likely to file for bankruptcy

Reuters: Bankruptcy News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

LodgeNet says likely to file for bankruptcy Dec 17th 2012, 12:57 Mon Dec 17, 2012 7:57am EST Dec 17 (Reuters) - LodgeNet Interactive Corp, which provides cable TV, on-demand movies, Nintendo video games and Internet services to hotels and hospitals, said it will likely have to file for bankruptcy protection by the end of December. LodgeNet said it was unable to make payments totaling $26 million to DirecTV and Home Box Office Inc that were due on Monday and had entered into an agreement with them to postpone payment until Dec. 31. () LodgeNet said it was unlikely that it would have funds for the payments by Dec. 31 and would have to file for Chapter 11 bankruptcy protection then if the deadline was not extended. The current extension will allow LodgeNet to continue negotiations with its lenders and a potential investor on a transaction to restructure its operations, the company said. LodgeNet, which has posted a profit in only three quarters of its past 15 quarters, said in August that it was exploring strategic and refinancing alternatives.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions