LodgeNet Receives Delisting Notice from NASDAQ
Tuesday January 8th, 2013 - 10:48AM W
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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.
Tags: • Hospitality •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.