LodgeNet Interactive Corp. (Nasdaq: LNET) will file for bankruptcy protection and entered into an agreement that will see it acquired by Colony Capital LLC.

The Sioux Falls, S.D.-based company, which provides media technology services to hospitals and hotels, said that Colony affiliate Colony Syndicate will provide $60 million in new capital to fund the recapitalization. Colony will become the controlling stockholder of the company, holding 100 percent ownership. A steering committee of lenders has approved a multi-year extension of its existing $346 million secured credit facility.

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