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08.01.2013 21:58:00
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LodgeNet Interactive Corporation -- Moody's downgrades LodgeNet's PDR to D from Ca
New York, January 08, 2013 -- Moody's Investors Service (Moody's) downgraded LodgeNet Interactive Corporation's (LodgeNet) Probability of Default Rating (PDR) to D from Ca following the company's announcement that it failed to make interest and principal payments of approximately $10 million to its term loan and revolver lenders on December 31, 2012. The credit agreement provided a five day grace period to make the payment but the grace period has expired. LodgeNet's lender group has agreed to a forbearance agreement until February 5, 2013.
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