Hotel video firm Lodgenet’s CEO leaves as it comes under new ownership post-bankruptcy
The company, despite new owners, $60 million funding post-bankruptcy & new CEO yet to come in, will still have a tough going as macro scenario involves people using their own devices for entertainment in hotel rooms, not piped through closed networks.
Hotel in-room entertainment provider LodgeNet Interactive Corp. said Wednesday that Rich Battista will depart as President, CEO and director of the company as of January 16. During his five month tenure, Battista guided LodgeNet through a strategic review process that recently concluded with the announced $60 million recapitalization plan with an investor syndicate led by Colony Capital.
The recapitalization also includes a five-year extension of the Company’s secured credit facility with its lenders. Frank Elsenbast, the company’s CFO, and James Naro, the company’s General Counsel, have been appointed interim co-CEOs. As co-CEOs, Elsenbast and Naro will oversee the completion of the previously announced deal through the court-supervised process. The company said it will appoint a new CEO upon closing of the deal.
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