LodgeNet Interactive Corp. (LNET: Quote) said it has initiated a process to explore refinancing alternatives for its senior secured credit facility to address its upcoming debt maturities and tightening financial covenants.
The company stated that to explore and evaluate potential refinancing alternatives and other strategic alternatives, its Board has retained Miller Buckfire & Co., a New York-based investment banking and capital markets firm. Also, LodgeNet retained FTI Consulting, a nationally-recognized operations and financial advisory firm with significant experience in the media and hospitality industries, to collaborate with the company in developing its business plan.
According to Frank Elsenbast, LodgeNet senior vice president and chief financial officer, "The involvement of these industry-leading firms will assist us in the evaluation and negotiation of various financial proposals as well as confirmation and optimization of our business planning efforts. While we continue to explore ways to reduce debt, LodgeNet's base business is generating significant free cash flow, and as of August 21st, we have more than $27 million of liquidity available to support the business."
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by RTT Staff Writer
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