LodgeNet Interactive Corp. (OTC:LNET), is based in Sioux Falls, South Dakota and formerly went by LodgeNet Entertainment Corp. until January 2008. LNET provides interactive media and connectivity services to hotels and healthcare businesses as well. Currently this company can be found in over 1.5 million hotel rooms in the U.S, Mexico, and Canada. Over a years time, more than 500M people will come in contact with the services provided.
LNET has offices located in New York and Georgia. This company also has apps available for the apple line and android as well. This company offers movies on demand, internet access, and cable television which are all guest paid. As of December 2011, this company was located inside 68 healthcare facilities.
On December 31, 2012, LodgeNet Interactive Corporation said that they have an agreement with a syndicate company by an affiliate of Colony Capital. This company has $38B in assets. Colony will supply $60M for a recapitalization of LNET. The course of this action will be done through a Chapter 11 bankruptcy. Colony will be the new controlling stockholder of LNET. After is all said and done, the unsecured creditors that are currently with LNET, will be successfully paid.
The current customers of LNET will not see a break in services as well as upon maintenance or support.
LNET is currently trading for $.02. Over the course of the past 52 weeks the low for the company was $.02 and the high was $4.44. The market cap for this company is $751,000. The previous close was for $.03.
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Scott C. Petersen
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.