SIOUX FALLS, S.D., Aug. 21, 2012 /PRNewswire/ -- LodgeNet
Interactive Corporation (NASDAQ: LNET), the leading provider of
interactive media and connectivity services to hospitality and
healthcare businesses and the consumers they serve, announced today
that it has initiated a process to explore refinancing alternatives
for its senior secured credit facility to address its upcoming debt
maturities and tightening financial covenants. To explore and
evaluate potential refinancing alternatives and other strategic
alternatives, LodgeNet's Board has retained Miller Buckfire & Co., a leading
New York-based investment banking
and capital markets firm. In addition to retaining Miller Buckfire, LodgeNet has also retained FTI
Consulting, a nationally-recognized operations and financial
advisory firm with significant experience in the media and
hospitality industries, to collaborate with the company in
developing its business plan.
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"We believe the retention of Miller
Buckfire and FTI Consulting comes at an opportune time for
LodgeNet," said Phillip Spencer,
LodgeNet's interim President and Chief Executive Officer. "Their
activities will support our ongoing efforts to streamline our
operations, improve customer satisfaction, and to stabilize our
room base and revenues." Frank
Elsenbast, LodgeNet Senior Vice President and Chief
Financial Officer added, "The involvement of these industry-leading
firms will assist us in the evaluation and negotiation of various
financial proposals as well as confirmation and optimization of our
business planning efforts. While we continue to explore ways to
reduce debt, LodgeNet's base business is generating significant
free cash flow, and as of August
21st, we have more than $27 million of liquidity available to support the
business."
About LodgeNet
LodgeNet Interactive Corporation is the leading provider of
interactive media and connectivity services to hospitality and
healthcare businesses and the consumers they serve. Recently named
by Advertising Age as one of the Leading 100 US Media Companies,
LodgeNet Interactive serves approximately 1.6 million hotel rooms
worldwide in addition to healthcare facilities throughout
the United States. The Company's
services include: Interactive Television, Broadband and Advertising
Media Solutions along with nationwide technical and professional
support services. LodgeNet Interactive Corporation owns and
operates businesses under the industry leading brands: LodgeNet,
The Hotel Networks and LodgeNet Healthcare. LodgeNet Interactive is
listed on NASDAQ and trades under the symbol LNET. For more
information, please visit www.lodgenet.com.
SOURCE LodgeNet Interactive Corporation