LodgeNet Interactive Corp., an interactive media company that also makes patient-engagement software through an independent subsidiary, filed for bankruptcy (PDF)
this week as part of a reorganization plan.
LodgeNet Healthcare, a wholly owned subsidiary of the Sioux Falls, S.D.-based company, was among the debtors listed in court filings.
A news release said healthcare services will continue without interruption. A syndicate of investors, led by Colony Capital, will inject $60 million into the company as part of a recapitalization effort. The company also has secured $15 million in debtor-in-possession financing to carry out its business operations (PDF)
It expects to complete its restructuring within 60 days, according to the release. LodgeNet filed its Chapter 11 bankruptcy plan in the U.S. Bankruptcy Court for the Southern District of New York.
Publicly traded LodgeNet reorganized its healthcare business
into a standalone subsidiary in July 2011. The healthcare division makes interactive patient communication tools, such as inpatient computer screens that offer educational programs, menu ordering and safety information.