Posted 1/8/2013 - 10:48:12 AM
SIOUX FALLS, SD—LodgeNet Interactive Corporation has received a Staff Determination Letter from the Listing Qualifications Department of The NASDAQ Stock Market to inform the company that its securities will be subject to delisting from NASDAQ.
Trading of the company’s common stock will be suspended effective Jan. 14, 2013, and a Form 25-NSE will be filed with the U.S. Securities and Exchange Commission to remove the company’s common stock from listing and registration on the NASDAQ Stock Market. The company has no plans to request an appeal of this decision.
On Dec. 31, 2012, LodgeNet entered into a $60-million investment agreement with Colony Capital, LLC and its affiliate, as well as other investors, for a recapitalization that will be implemented through an expedited Chapter 11 bankruptcy process. Holders of the Company’s outstanding shares of common stock and Series B Preferred Stock will have their shares cancelled without receiving any distribution. This plan, along with other public interest concerns, was behind the decision to delist LodgeNet’s securities.