According to Reuters, LodgeNet Interactive Corp, a provider of cable TV, on-demand movies, Nintendo video games and Internet services to hotels and hospitals, said it would likely have to file for bankruptcy protection if it cannot make an upcoming loan payment.
Reuters reports that LodgeNet executives said that if the company were unable to pay the $26 million it owes to DirecTV and Home Box Office Inc (HBO) on December 31, it would file for Chapter 11 bankruptcy to allow it to negotiate with lenders and potential investors.
A Chapter 11 bankruptcy allows a business to remain in control of its day-to-day business operations, while reorganizing financially.
Much like a Chapter 11 bankruptcy, Chapter 13 and Chapter 7 bankruptcies can help people stop collections and foreclosures, and restructure debt.
If your financial situation is a problem, contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation.