LNET Obtains Extension on its Forbearance Agreement with Lenders - Reuters (Fri 4:50PM EST)
"The company has received an extension on its
forbearance agreement with its secured lenders who have
agreed to accept these payments in kind and not to accelerate their claims until Feb. 5, 2013." (Reuters, Fri 4:50PM EST)
ALSO
"LodgeNet and the Colony Syndicate have agreed to implement this transaction via an expedited Chapter 11 proceeding which would commence once the requisite consents of its lenders have been obtained."
"In order to provide LodgeNet time to solicit votes on the proposed Chapter 11 plan, DIRECTV, HBO and the steering committee of lenders have agreed to extensions of their existing forbearance agreements."
"Closing of the transaction is subject to various closing conditions, including Bankruptcy Court confirmation of a Chapter 11 Plan. Accordingly, no assurances can be given that the transaction will be consummated." (PR Newswire - Dec. 31, 2012, 9:00 AM EST)
So, the question is "How long will it take LNET to secure the necessary lender votes?" Sometime between now and Feb. 5th....
