Hotel media provider LodgeNet Interactive Corp. received bankruptcy court approval to access $5 million of its bankruptcy financing, Dow Jones Newswires reported yesterday. A final hearing to provide LodgeNet full access to its bankruptcy financing, which includes $15 million in new loans and a $15 million refinancing of prepetition debt, is set for Feb. 27. LodgeNet, which provides DirecTV, HBO, pay-per-view movies and other services in hotel rooms throughout the U.S., filed for chapter 11 bankruptcy on Jan. 27 with a plan to hand over the company to private-equity firm Colony Capital LLC in exchange for a $60 million infusion of new capital. The plan allows it to pay unsecured creditors in full and provide a substantial recovery to secured creditors in the case.
