LodgeNet Interactive will file for Chapter 11 bankruptcy protection as...

received support from a steering committee of its lenders which hold its debt for a multi-year extension of its existing $346 million secured credit facility, it said. The transaction will be implemented via an expedited Chapter 11 bankruptcy process, at the conclusion of which the Colony affiliate would become the controlling stockholder of LodgeNet, it said. Unsecured creditors of LodgeNet will be paid in full for any pre-petition claims at the conclusion of the Chapter 11 process, it said. Colony also executed a memorandum of understanding with DirecTV, setting forth terms under which LodgeNet and DirecTV will operate as strategic partners within the hospitality and healthcare markets, LodgeNet said. DirecTV will provide its technological and marketing capabilities to help deliver unspecified new and improved LodgeNet services to the industry, LodgeNet said. LodgeNet will continue to operate throughout the Chapter 11 process, it said. As part of an amendment to the forbearance agreement with DirecTV, LodgeNet said Monday it would make a payment of $2.3 million to DirecTV by that day and, in exchange, the payment that was to be paid that day will be deferred until Jan. 11. LodgeNet will make a second payment, for $2.7 million, to DirecTV by Jan. 11 and, in exchange, the payment due Dec. 31 would be deferred until Feb. 5, but LodgeNet will pay DirecTV $30 million that day, LodgeNet said.