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SIOUX FALLS, S.D.,
Jan. 16, 2013 /PRNewswire/ -- LodgeNet Interactive Corporation, the leading provider of interactive media and connectivity services to hospitality and healthcare businesses and the consumers they serve, announced today that
Rich Battista will depart as President, CEO and director of the Company as of
January 16, 2013. Frank Elsenbast, the Company's CFO, and
James Naro, the Company's General Counsel, have been appointed interim co-CEOs.
During his tenure, Battista successfully 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 is designed to place LodgeNet on a path to revitalize its business and balance sheet, while delivering strong cash flow. The recapitalization also includes a five-year extension of the Company's secured credit facility with its lenders.
"Rich has done a first-rate job as our president & CEO, leading us through this transaction to secure the Company's future," said LodgeNet Interactive Chairman
Doug Bradbury. "Under the Colony Capital-led syndicate, LodgeNet is poised to transform its business and re-affirm its position as the industry leader in providing interactive products and services to the hospitality and healthcare markets. We thank Rich for his significant contributions to the Company during this important time and wish him well in his future endeavors."
"My time at LodgeNet has been very rewarding," said
Rich Battista. "I am proud of what we have accomplished in signing our recapitalization agreement with Colony and our lenders in order to return LodgeNet to strong financial footing. The Colony-led syndicate brings significant resources, both financial and strategic, to the Company. It is now time to pass the baton and I do so knowing that the company is in terrific hands and on an exciting path towards strong future success."
As co-CEOs, Messrs. Elsenbast and Naro will oversee the completion of the previously announced transaction through the court-supervised process. Upon closing of the transaction, the Company will be appointing a new CEO.