Summary of LODGENET INTERACTIVE CORP

Item 7.01. Regulation FD Disclosure.

As previously disclosed, on December 30, 2012, LodgeNet Interactive Corporation (the "Company") entered into an Investment Agreement (the "Investment Agreement") with Colony Capital, LLC and its affiliate, Col-L Acquisition, LLC ("Colony") and certain other investors, pursuant to which Colony and such other investors will invest $60 million of new capital in the Company, with an option to invest up to an additional $30 million, to support a proposed recapitalization of the Company. Pursuant to the terms of the Investment Agreement, the Company and all of its domestic subsidiaries will, among other things, (a) commence a solicitation for acceptance of a pre-packaged plan of reorganization based on the recapitalization transaction contemplated by the Investment Agreement (the "Plan"), (b) file voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code, and (c) seek approval of the Plan by the bankruptcy court.

On January 4, 2013, the Company commenced a solicitation for acceptance of the Plan, a copy of which was previously filed as Exhibit A to the Investment Agreement that was attached as Exhibit 10.1 to the Company's Current Report on Form 8-K filed December 31, 2012. A copy of the disclosure statement regarding the Plan (the "Disclosure Statement") is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Information contained in the Plan and Disclosure Statement is subject to change, whether as a result of amendments, actions of third parties or otherwise.