The Sioux Falls, S.D., company, which provides Internet and on-demand movies to hotels and hospital rooms, said Monday that it is starting the Chapter 11 process with a filing in the Southern District of New York. It expects to complete its restructuring within 60 days.
The investment firm will provide LodgeNet with $60 million in new capital. LodgeNet also received commitments for up to $15 million in debt financing from creditors and said it will form a partnership with pay-TV provider DirecTV.
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