Bankruptcy: Mondee Holdings, Inc.

Form Type: 8-K

Filing Date: 2025-02-24

Corporate Action: Bankruptcy

Type: New

Accession Number: 000182885225000013

Filing Summary: On February 18, 2025, Mondee Holdings, Inc. filed for Chapter 11 bankruptcy protection along with certain subsidiaries. This action was part of a broader strategy involving asset sales to address financial obligations. A 'stalking horse' asset purchase agreement was entered into with a purchaser, which includes a credit bid of approximately $191 million against their debts. The Company has begun a bidding process, allowing for competing offers to be solicited. The asset sale is subjected to court approval and is intended to maximize the value for stakeholders. During the bankruptcy proceedings, the Company cautions that trading in its Class A common stock is speculative, and significant losses on investments are expected for shareholders. The Asset Purchase Agreement lays out various conditions and potential termination clauses, emphasizing the intricate legal and financial landscape the Company is navigating as part of its restructuring efforts.

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Form Type: 8-K

Filing Date: 2025-01-15

Corporate Action: Bankruptcy

Type: New

Accession Number: 000182885225000010

Filing Summary: On January 7, 2025, Mondee Holdings, Inc. filed Form 8-K reporting its voluntary Chapter 11 bankruptcy petition along with certain subsidiaries, aimed at restructuring its financial obligations. The company entered a Material Definitive Agreement for an Amendment No. 25 involving a new term loan of $6 million. They are proceeding with a restructuring plan which includes a Restructuring Support Agreement (RSA) with lenders, a Stalking Horse Term Sheet for asset sale, and entered a Debtor-In-Possession (DIP) Credit Agreement valued at $110 million. The bankruptcy process provides the ability to operate as 'debtors-in-possession' with several ongoing motions in court to facilitate operations during this transition. The company cautioned that trading of its Class A common stock during this period poses substantial risks, predicting potential complete losses for shareholders. Key restructuring milestones include obtaining court approvals for financing facilities and completing asset sales within set timelines, although the success of the plan remains uncertain and subject to court validation.

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