LodgeNet Interactive Corp. said that it will file a pre-packaged chapter 11 under an agreement with affiliates of Colony Capital LLC, which will invest $60 million in the provider of on-demand movies to hotel rooms, Bloomberg News reported on Monday. LodgeNet has not posted an annual profit since 2006. Last year, 95 percent of its revenue came from the hotel industry, with Hilton Worldwide and Marriott International Inc. accounting for about a third of sales, according to the company's filings. LodgeNet said that it expects unsecured creditors will be paid in full at the end of the Chapter 11 process. A steering committee of lenders holding the company’s debt will support a five-year extension of its $346 million secured credit facility.
