LodgeNet Files Chapter 11; Reorganization Plan Advances

SIOUX FALLS, S.D. — LodgeNet Interactive Corp., a major distributor of adult entertainment through its hotel cable TV network, filed for Chapter 11 bankruptcy yesterday.

The bankruptcy is of the pre-packaged variety, and the company already has lined up lenders led by Colony Capital that will invest $60 million in it.

LodgeNet, which filed Chapter 11 at U.S. Bankruptcy Court in New York, said that it has been seeing declining revenue since 2009. The company hasn't turned an annual profit since 2006.

LodgeNet said that fewer hotels used its services — 1.5 million currently, down from two million in 2009 — and guests ordered fewer pay-per-view movies. The company, however, still provides services to Marriott International Inc., Starwood Hotels and Resorts Worldwide, Hilton Worldwide.

For years LodgeNet has been under threats posed by laptops, streaming Internet TV and portable devices. But prior to the boom of portable electronics, the hotel room was a virtual monopoly for cable TV suppliers.

One of its most lucrative areas is porn. Analysts back in 2011 speculated that about 50 percent of the company's revenue came from adult entertainment.

At bankruptcy court, the company claimed $291.7 million in assets and $448.7 million in liabilities in its petition.

Under the terms of the reorganization, LodgeNet's existing lenders will provide for a multiyear extension of its existing senior debt and unsecured creditors of LodgeNet will be paid in full in cash for any prepetition claims at the conclusion of the restructuring process. 

"Our recapitalization is advancing on schedule," daid LodgeNet co-CEOs Frank Elsenbast and James Naro. "Thanks to the overwhelming support we've received from our lenders and suppliers, and with the solid commitment of Colony Capital and an expanded strategic partnership with DirecTV, we anticipate being able to complete this process on an expedited basis, and to emerge with the capacity to launch new and exciting products which will benefit both our hospitality and healthcare customers."

Pursuant to the reorganization plan, holders of existing Series B preferred stock and common stock issued by LodgeNet will have their interests cancelled and will not receive any distributions.

The company expects to complete its restructuring within 60 days.

Related:  

Copyright © 2025 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

Eris Jolie Makes Her TransAngels Debut

Eris Jolie has made her TransAngels debut alongside Bree Brooks in "A Very Filthy Cookout."

Liz Jordan Stars in Latest From Ricky's Room

Liz Jordan stars in the latest release from Ricky's Room, titled "The Plum Latex Anal Affair."

Performer Kylie Page Passes Away at 28

Performer Kylie Page has passed away at the age of 28, her agency Hussie Models reported on social media.

Wicked Releases 2nd Installment of Seth Gamble's Erotic Thriller 'Once Upon a Time in the Valley'

Wicked Pictures has released the second installment of multi-XMAs award winner Seth Gamble's latest feature, "Once Upon a Time in the Valley."

North Carolina Passes Extreme Bill Targeting Adult Sites

The North Carolina state legislature this week ratified a bill that would impose new regulations that industry observers have warned could push adult websites and platforms to ban most adult creators and content.

Elly Clutch Makes Studio Debut in Latest From Brazzers

2024 XMA Creators Female Clip Artist of the Year Elly Clutch has made her studio debut alongside Luna Star and Scott Nails in the new Brazzers scene “Lights, Camera, Facial!”

Orion Debuts 'Gyro' Stroker From You2Toys Line

Orion Wholesale has introduced the You2Toys Gyro stroker.

Share Satisfaction Debuts 'Evolve Penis Pump' Collection

Wellness brand Share Satisfaction has introduced its new Evolve Penis Pump line.

ULoversDoll Debuts 'Isabella' Love Doll

ULoversDoll has added Isabella to its Top-Cydoll collection.

Supreme Court Ruling Due Friday in FSC v. Paxton AV Case

The U.S. Supreme Court will rule on Friday in Free Speech Coalition v. Paxton, the adult industry trade association's challenge to Texas’ controversial age verification law, HB 1181.

Show More